Simple debt questions for a relatively simple debt situation
Date: Wed, 05/07/2008 - 18:00
I've accrued $8,000 in credit card debt, $3,000 of which is on 2 non-interest cards, the other $5,000 of which is on 2 standard interest cards. I'm looking for a job right now, income which I desperately need.
I don't pay rent as I live with my parents (recent college graduate), I have 25,000 in student loans which ave been deferred, and have a $15,000 auto loan. That's it in a nutshell.
What ways do you recommend I get the $5,000 of higher rate debt into one, combined lower rate payment? I was thinking a personal loan? Does another bank than my current bank have interest in such a thing if I move to their bank? All insights are appreciated.
additional
The other two interestless cards only remain that way until October, so I must pay them off before October. I only have one more year to live rent free, and so need to save 10000 or more to add to downpayment saved by my girlfriend. I mention this so you can see how I need to make the $5000 owed as painless as possible, so I thought the personal bank loan might make sense as it's probably a quarter of the interest rate or less, but have never heard of someone doing that before, and can see why, just wanted to see if you've heard of any such types of solutions. All insights appreciated, thanks.
I would suggest looking into a dmp with a credit counseling age
I would suggest looking into a dmp with a credit counseling agency. They can get you interest rates locked in a much lower apr. Although you may a 0% apr now that will go away usually in 12 months and all the acrued interest will hit you if you don`t pay that card off in full before hand. When shopping for a Credit Counseling agency please look them up on the BBB to make sure they are reputable.
