Personal loan for current debt?
My husband and I have about $12,000 in credit card debt amongst about 5 credit cards. Some of that is collecting interest some is not. Would a small personal loan to pay all that off in one lump sum to get a lower interest rate be a good idea?
Terry Says
It would be a great idea to consolidate your loans — if you have good credit and can find a lower interest rate. Search for a personal loan at Credible.com or LendingTree.com. Just, please, don’t make the mistake of keeping your cards in your wallet and being tempted to charge them up again! Set a goal for paying down the new loan — and make sure there is no penalty for prepayment.
