Best way to get rid of my credit card debt...
Date: Tue, 05/25/2010 - 18:49
[FONT=Courier New][FONT=Garamond][SIZE=4]Hi there[FONT=Courier New],
Was hoping someone could shed some light on my issue here and the best way to get ride of my debt.
Currently I have 9k in debt between 2 credit cards and after talking to my banking representative, it was suggested the best way to do this is to take a 2 year loan from the bank that would have a lower total interest than the current 2 cards and use the loan to pay the cards off, then to close one down.
The monthly payments I would be looking at is about 450$/month, my current income is 50k per year.
While I am confident that I could have this off the credit cards by the end of the year I don't want to have this on credit, as the rates are quite high.
Would it be smart to take a bank loan and dump it onto the credit cards to get ride of the CC debt. Then stick to the 450$/month, and at the same time open a savings account for the rest of my money that way I can save money and at the same time slowly pay my debt off.
I would be looking at making a large sum payment in between the payments of about 1k every 2 months on top of the $450.
Or should I be looking at getting a credit line vs a loan?
Anyone out there in the financial industry that can shed some light?
Much appreciated, thank you.
[/FONT][/SIZE][/FONT][/FONT]
Was hoping someone could shed some light on my issue here and the best way to get ride of my debt.
Currently I have 9k in debt between 2 credit cards and after talking to my banking representative, it was suggested the best way to do this is to take a 2 year loan from the bank that would have a lower total interest than the current 2 cards and use the loan to pay the cards off, then to close one down.
The monthly payments I would be looking at is about 450$/month, my current income is 50k per year.
While I am confident that I could have this off the credit cards by the end of the year I don't want to have this on credit, as the rates are quite high.
Would it be smart to take a bank loan and dump it onto the credit cards to get ride of the CC debt. Then stick to the 450$/month, and at the same time open a savings account for the rest of my money that way I can save money and at the same time slowly pay my debt off.
I would be looking at making a large sum payment in between the payments of about 1k every 2 months on top of the $450.
Or should I be looking at getting a credit line vs a loan?
Anyone out there in the financial industry that can shed some light?
Much appreciated, thank you.
[/FONT][/SIZE][/FONT][/FONT]
Check out the different options available to you before deciding
Check out the different options available to you before deciding on one. Check out with the 'do it yourself' section. Also, check out how much you would be able to save in the long run through this process.
You can take help of the budgeting tool of the site to get a better view at your situation.
http://www.debtconsolidationcare.com/personal-budgeting/
