Is it better to pay off my credit cards slowly or get a consolidation loan and pay off everything at once?
I have the event to get the ,000 converging loan to compensate off all my cards (,000) though I’m not certain that’s the great idea. we would similar to to lift my credit measure to have the vital purchase.
There are 13 suggestions to question “Is it better to pay off my credit cards slowly or get a consolidation loan and pay off everything at once?”
First and foremost, and I wish someone would have told you this a long time ago, never let your credit card debts get above half what you make in a month. If you have to let it get beyond half your monthly salary ask yourself if you really need it. If not then don’t get it. I keep my debts below $600 at all times.
But since no one helped on this before it was too late then this is what I suggest. Do not get the loan…this will put you in debt all over again. You’ll still owe the $6,000 but with lower payments through the loan it will take you longer to pay off. Instead…take the minimum due per month and multiply that by 2…this is your new payment. You will pay it off faster.OR…automatically give up half your paycheck. It’s a sacrifice but you must get this paid off. Talk to someone about budgeting your money. There is software out there to help you with this.
And lastly…this major purchase you’re itchin to have…is it something you want or is it a need? If it’s a want I say banish the thought from your mind. If you need it get a loan from the bank for ONLY that purchase amount.
get a loan
If you can get the loan at a good rate and cut up those cards so you stop using them,that’s the way to go!
I’d do it slowly… well, not "slowly" slowly… but I wouldn’t pay it off at once. It gives you more credit.
pay them off take the loan
I don`t like to be owned .. so raise your credit
get a consolidation loan and pay off everything at once
The loan is a better way to go as long as you don’t start charging on your cards again. If you do that then you will have the loan to pay off and the cards both.
Good Luck!
The less credit out the better. Which has the lowest precentage? That’s the way to go… but make sure you read all the fine print with both options.
The consoladation loan is best, if you get rid of all of your credit cards and promise never to use them again.
Then take the extra 4K and pay down the consolodation loan
This is assuming that the loan has good rates.
The longer you take, the more interest the bank makes. So do the math. My bank charges over 20% interest….
You have to make sure that the loan has a lower interest rate than your credit cards. If it doesn’t then pay off your credit cards, starting with the one that has the highest percentage of interest (APR).
It all depends. I think the best way to make a decision is to educate yourself and get familiar with all the possible scenario. Two articles in my resource box might be helpful. Check it out and good luck!
First and foremost, and I wish someone would have told you this a long time ago, never let your credit card debts get above half what you make in a month. If you have to let it get beyond half your monthly salary ask yourself if you really need it. If not then don’t get it. I keep my debts below $600 at all times.
But since no one helped on this before it was too late then this is what I suggest. Do not get the loan…this will put you in debt all over again. You’ll still owe the $6,000 but with lower payments through the loan it will take you longer to pay off. Instead…take the minimum due per month and multiply that by 2…this is your new payment. You will pay it off faster.OR…automatically give up half your paycheck. It’s a sacrifice but you must get this paid off. Talk to someone about budgeting your money. There is software out there to help you with this.
And lastly…this major purchase you’re itchin to have…is it something you want or is it a need? If it’s a want I say banish the thought from your mind. If you need it get a loan from the bank for ONLY that purchase amount.
get a loan
If you can get the loan at a good rate and cut up those cards so you stop using them,that’s the way to go!
I’d do it slowly… well, not "slowly" slowly… but I wouldn’t pay it off at once. It gives you more credit.
pay them off take the loan
I don`t like to be owned .. so raise your credit
get a consolidation loan and pay off everything at once
The loan is a better way to go as long as you don’t start charging on your cards again. If you do that then you will have the loan to pay off and the cards both.
Good Luck!
The less credit out the better. Which has the lowest precentage? That’s the way to go… but make sure you read all the fine print with both options.
The consoladation loan is best, if you get rid of all of your credit cards and promise never to use them again.
Then take the extra 4K and pay down the consolodation loan
This is assuming that the loan has good rates.
The longer you take, the more interest the bank makes. So do the math. My bank charges over 20% interest….
You have to make sure that the loan has a lower interest rate than your credit cards. If it doesn’t then pay off your credit cards, starting with the one that has the highest percentage of interest (APR).
It all depends. I think the best way to make a decision is to educate yourself and get familiar with all the possible scenario. Two articles in my resource box might be helpful. Check it out and good luck!