Is it wise to apply for a personal loan to pay off credit card debts?

Make sure the costs of getting the loan and the interest rate is alot lower than the average interest rate of all your credit card debt.

If it is, then yes.

Is it wise to apply for a personal loan to pay off credit card debts?

as long as the new %26quot;loan%26quot; has a lower interest rate. it is also smart to consolidate for the pure reason of simplicity loan officers sell u on the low payment bla bla.. but the tru benefit is just making 1 payment and forget about it. i quoted loan because it is not necessarily a line of credit, a credit card with a lower interest rate will do the trick.

what this means is get a cheaper loan to repay the other ones. and if thats the case then yeah it works

Is it wise to apply for a personal loan to pay off credit card debts?

Depends on the contract of the personal loan.

Usually, robbing Peter to pay Paul is not a wise option.

Also if your credit card debt is charged off, then why take a loan out to pay it off? Your credit is ruined already and you can pay a settlement instead.

Remember, a personal loan usually is higher interest and mathematically, may not be beneficial when you factor in interest.

Is it wise to apply for a personal loan to pay off credit card debts?

Like everyone else said, depends on the rates. Also make sure to get rid of the credit cards if you do this. You dont want to run them up again and play that game!

Is it wise to apply for a personal loan to pay off credit card debts?

Most likely the rate is going to be lower. Keep the term as short as you can. It should be a good idea. Maybe a home equity loan and you can deduct the interest. But that trades unsecured debt for secured debt and puts your home at risk. Only do that if you can afford the payments and you have the discipline to pay it and not to run up more debt.

Is it wise to apply for a personal loan to pay off credit card debts?

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Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. But, a person who has a bad credit and cannot provide a collateral has little choice, but to take these high interest loans. At least by repaying these the borrower can rebuild his credit history. Read more from: http://www.credit-card-gallery.com/artic...

Is it wise to apply for a personal loan to pay off credit card debts?

You will want to check the terms of the loan. Many time you can get credit cards that offer great initial rates, like 0% for 12-15 months, and then move the debt to this card.

Also, if you do get a personal loan, make sure it is FIXED and not variable.. This one will get you often..

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