Posted on September 2, 2009 at 10:55 pm I am thinking about the advtantages and disadvantages of making this move to pay off my credit card debts. So... please do let me know what you think....

Posted on September 3, 2009 at 12:30 am "Should I get a loan to pay off my credit card debt"I think that's a good idea in terms of making payments towards your debt. because that can alleviate your worries especially in terms of your credit card debt. And you would be receiving lesser collection calls. Also it may lead to an improved credit rating.

Posted on September 3, 2009 at 2:02 am Well doublejeorpardy has a point in stating such but if you're asking "should i get a loan to pay off my credit card debt," i do not think it is such a great idea. If you get a secured loan, like a home equity loan, for one, you may be putting your home up for security against the funds that you'll be acquiring. There's a very real risk of losing your home if you are unable to keep up with the payments for this type of transaction.

Posted on September 3, 2009 at 2:35 am Getting a home equity loan also does not ensure that you will receive the full equity amount placed against your home. Your lender will have to deduct what you currently owe from your mortgage based on that amount. Aside from that, certain factors need to be taken into consideration, such as your credit report, current expenses, etc. You may receive 50-80% from the equity of your home. Of course, it's also highly risky, as mentioned earlier. I certainly wouldn't vouch for losing my house just to pay off my credit card debt.It's better to use home equity for home improvements in order to increase your home's market value.So, "should I get a loan to pay off my credit card debt?"My answer is no.

Posted on September 3, 2009 at 2:49 am What if I get an unsecured loan? Is it still a good idea?

Posted on September 3, 2009 at 2:59 am Nope. You stand a chance to get a higher interest rate. Before getting approved for a loan application, creditors will be reviewing your credit report. Once they see that you currently have delinquent accounts on your file, they may either deny the application, or approve it, but with a high interest rate to boot--even if you owed a different creditor in the first place.

Posted on September 3, 2009 at 3:09 am PomPom, there are other alternatives to taking care of credit card debt other than obtaining a loan. Could you tell us more about your situation, if you don't mind? If you're not comfortable sharing such private information on your financial situation, you can fill out a form on the DestroyDebt.Com main page. After that you'll be matched with a qualified provider, who can help you out for free.

Posted on September 8, 2009 at 6:15 am thanks so much. so what are my alternatives to getting a loan?

Posted on September 8, 2009 at 7:38 am Evidently since your question "should I get a loan to pay off my credit card debt?" has garnered enough answers on the forum, what you can do aside from get a loan is to do any of the following:1. Credit counseling2. Debt settlement3. Chapter 13 bankruptcyEach method works best depending on a particular financial situation as well.