Posted on
April 7, 2009
at
6:47 am
It seems to be sensible. Loan a second one with lesser rate and then pay the old one. Then this time even though you are still struggling to pay off your balance, you won't be charged that much.
Posted on
April 7, 2009
at
7:25 am
definitely no, you must settle first your old debt before getting new one, because if you do this you are burying yourself on the pit you create.
Posted on
April 7, 2009
at
7:50 am
No, I will not create new debt to pay off old debt. For one, it does show up on your credit report, for instance if you're merely transferring balances from one card to another. I believe it creates more debt and it does not look good in the creditor's eyes. My parents bought their house back in 1973 for $9,000.00. That's a pretty amazing price. They owe over $80,000.00 on the same house today. The house has been refinanced several times to pay off debt that they incurred during their lifespan. It's definitely not worth it. My Dad died a year ago, and now my Mom is stuck struggling trying to pay off a car loan as well as a house loan on her income.
Posted on
April 7, 2009
at
7:52 am
well..it depends...if the interest is too high..then no
Posted on
April 7, 2009
at
7:52 am
i think this is a good idea but is it practically possible will you get the loan you are talking about stating the reason of paying off an old debt?????
Posted on
April 7, 2009
at
9:50 am
It looks sensible to get new loan.if the interest is less than the old one.But,it would be better if you are able to pay the new loan as soon as possible.Else you ll be tempted to tak another loan and it goes on... This is from my friend's experience..
Posted on
April 8, 2009
at
3:00 am
Yes I will if the new loan's interest is lower than the debt's interest that I will be paying. The problem is nowadays there is no lower interest rates, the prevailing rates are close.
