Posted on
March 31, 2009
at
9:36 pm
I dont know cause I think you might just be getting yourself out of one hole and throwing yourself into another. I mean if you cannot pay for the credit card debts now then how will you be able to pay off the loan. It can also be beneficial in a way though cause you just might be paying the interest alone on the credit cards right now and not the actual balance. It goes both ways but its not a completly bad idea. So, just be careful about the terms of the loan.
Posted on
March 31, 2009
at
9:52 pm
True, i guess you might be digging yourself deeper into another hole but maybe it will be easier to pay off the loan then it will be to pay off the credit card debt.
Posted on
March 31, 2009
at
10:11 pm
I don't think it is practical because it is just like transferring your debt to another. It is still a debt. I think it is better if you pay your credit card debt without loaning.
Posted on
April 2, 2009
at
1:52 pm
it could be quite risky as you could get into more debt if you dont pay of the debt and the new loan quickly
Posted on
April 2, 2009
at
9:24 pm
Getting a loan to pay off credit card debt will just put you into a lot of burden of debts. My brother has done that in the past few years and until right now, he has a lot of debt. Its also the same mistake that my parents did. Pay a debt first before getting another loan.
Posted on
April 3, 2009
at
12:46 am
That is not a sound plan. In that way, you are still in debt. Pay-off you debt little by little and do not incur more debt.
Posted on
April 3, 2009
at
1:43 am
That is a tough decision to make. If you have no other choice, then go for it, but make sure that the interest rate is not that high. And don't even think of paying that loan with another loan. once you have decided to settle your credit card debt by loaning, make sure that you will not loan again to pay the loan.
Posted on
April 3, 2009
at
2:23 am
loans are often incur more interest and will cost dearer to you .. so your idea may not be as viable ..
Posted on
April 3, 2009
at
2:28 am
Loans are fine. Just make sure you don't get a cash advance. Try to get a loan that charges a lower interest rate than the credit card. It would be best if you could get a relative or a friend to help you out. That's what I did when I had debt issues.
Posted on
April 3, 2009
at
3:50 am
Yeah i think you are right.
