Loan to Repay High Rate Credit Card

I wouldn't recommend taking out a loan to pay another debt . . . . It's a cycle that's hard to get out of.

The best option (although not necessarily the most realistic) would be to cut back on expenses or get a second job. That way you can pay more every month towards your debt. Most consolidation and settlement programs require that you be past due on your bills before they can take action.

Another suggestion would be calling your credit card company. Sometimes asking them to lower your interest rate works. I had a card that had about $2500 on it, and I called them because I had just got a new card that had 0% interest on balance transfers and I was getting the full amount to transfer. When I told them what I was doing they lowered by rate instead of losing the business. It never hurts to ask, and as long as you are in good standing with the company you have a chance of them lowering the rate.

Have you tried to contact the credit card company and discuss payment options with them? Since you are having trouble paying for the credit card, I would sincerely doubt that it would be easier if you had a loan. I have seen so many people fall into debt over and over and have nothing to show for it because they think that they can get a loan to solve everything.

It will be much cheaper on your pocket if you contact the company using one the sample letters on Do It Yourself thread and work on a payment option. Ask questions about how this would affect your credit report and what can be done to lower your interest payments. If they are unable to work out something with you that you can afford, contact a debt consolidation company that specializes in credit card debt. They have also been able to get your payments and interest rates reduced.

I hope that this helps you.