Need debt consolidation loan help/advice
Date: Wed, 05/30/2007 - 22:31
Here is the deal, I have 3 CC's I want to consolidate to 1 bill.
BOA $8400 11.05% I pay $250-300per month currently
WaMu $4000 10.83% I pay $150 per month currently
Disc $1600 11.99% I pay $100 per month currently
My problems is I am still using these CC's, I know I gotta tear them up.
I called BOA Clean Sweep program, got approved for $15000 15.99% $383 month for 60 months. I will try to make most pymts of $450-500.
Credit counselor @ BOA advise I should definitely do the clean sweep, I would be better off.
Someone also advise me to make minimum monthly payments on cards with lower balances & pay off higher balanced ones first.
What should I do?
BOA $8400 11.05% I pay $250-300per month currently
WaMu $4000 10.83% I pay $150 per month currently
Disc $1600 11.99% I pay $100 per month currently
My problems is I am still using these CC's, I know I gotta tear them up.
I called BOA Clean Sweep program, got approved for $15000 15.99% $383 month for 60 months. I will try to make most pymts of $450-500.
Credit counselor @ BOA advise I should definitely do the clean sweep, I would be better off.
Someone also advise me to make minimum monthly payments on cards with lower balances & pay off higher balanced ones first.
What should I do?
I calc. $14k in debt... if you take the $15k loan, be sure to us
I calc. $14k in debt... if you take the $15k loan, be sure to use the excess to make a payment, provided that you can make a payment directly to the principal.
thanks for the info, well with the loan there is a 3% fee per ad
thanks for the info, well with the loan there is a 3% fee per advance, so about $450 will go towards that, if any extra will go towards principal.
Have you spoke to a debt counselor about the consolidation progr
Have you spoke to a debt counselor about the consolidation program? This is not a loan; you will make monthly payments to the consolidation company and they will post it to all your creditors included in the plan. Compare the fees of the loan as well as this plan. You will know which one will best suit in your case.
