Posted on November 5, 2009 at 10:56 am I am working on paying of some debts and have heard about using personal loans to do so. It seems to be somewhat counter intuitive to do it that way.  Pay off a debt by incurring another one?  So, when is it viable to pay a debt with a loan?

Posted on November 5, 2009 at 9:36 pm when is it viable to pay a debt with a loan?It depends on what your debt type is. If it is unsecured, try the debt relief services instead.If your debt is secured and your credit is good, then perhaps it is viable for you to take out a loan to pay off your debt. A good credit might give you favorable interest rates.

Posted on November 6, 2009 at 3:04 am Why pay off a debt with a loan when you can use either credit counseling or debt settlement?

Posted on November 9, 2009 at 1:49 am I agree with the above statement. Besides, it will add more interest, fees, and other payables for the consumer to think about. Getting a loan to pay off other loans is simply not the best option for taking care of one's debts.

Posted on November 9, 2009 at 3:21 am Why pay off debt with a loan?Why not if you can afford or if you have the assurance that you can pay it back without losing more money or a property.

Posted on November 9, 2009 at 6:53 pm "is about leverage, "  if your goal is to get out of debt you need as many money resources as you can get the following system to help you Snow ball system  80 % behavior and 20 % knowledge.  Eliminate lower balance first you will free a the whole minimum payment.  Financial cost Vs interest. Use time of Credit Card for you use 55 days billing cycles. Will give you more time to get more salaries in during this time. Budget your expenses to pay Credit Card Debt.  Get a cash-flow budget will show you how to keep putting payments in principal and then pay your expenses with the credit cards. This will lower your principal balances so the banks will have to charge you less interest. 

Posted on November 17, 2009 at 2:31 pm Thanks for the information/advice.  I'll admit that this is a subject that I am not very knowledgeable about.  I have looked around for some debt relief solutions (for example) and sought some help here and there and debt settlement or credit counseling seems like a good direction.Thanks again every one.

Posted on November 17, 2009 at 10:21 pm It is never a wise move to pay off debt with another loan. Borrowing money to pay off your current debts will not stop the borrowing spree. If you still happen to incur debts while you're still in the process of paying them off, it will take much longer for you to do so, and does not deal with the root problem.

Posted on November 18, 2009 at 2:27 am Why pay off debt with a loan when you can get a credit counselor to help you?