Bad idea to take out a loan to pay off credit cards. Typically what happens is once the credit cards are paid off, you start charging and run them right back up. Now you have all the credit cards and that new loan.
Better idea is to work on paying off the credit cards. Take every penny you can squeeze out of your budget and put it on the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid, move to the next till they are all paid off.
If you work at it, you can pay off those credit cards within 2 years.
No comments:
Post a Comment