Should I get a loan to pay off my credit card?

Funky Chicken asked:


I had something come up that I had to put about $8,000 on my credit card. Instead of paying for it with the credit card company and their inflated interest rates, should I take a loan out to pay it off? I guess I could refinance the house to get out of the debt, but I am happy with my loan… Any suggestions?

Raymond

Tags: Credit Card Company, Inflated Interest Rates, Refinance House

This entry was posted on Thursday, July 30th, 2009 at 11:17 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “Should I get a loan to pay off my credit card?”

1. Tim Says:
   August 1st, 2009 at 5:23 pm

   Louise

   If you limit on your credit card is $16,000 or you have multiple cards you can leave it alone. If you want to save money on interest go to you local Credit Union and see if there is anything that they can do for you. Having high balances on credit cards can negatively affect your credit.

2. Danielle. Says:
   August 3rd, 2009 at 10:43 am

   Harvey

   You should refi. then you wont have to even take out a loan!

3. Joe B. Says:
   August 5th, 2009 at 8:52 am

   Terri

   As long as the loan has a lower interest rate than the credit card and you don’t use the credit card again it would be a good idea. This will both save you money with the lower interest rate and improve your credit rating because you have paid off your existing debt.

4. Oldboy Says:
   August 8th, 2009 at 8:24 pm

   Ernest

   Mr. Chicken,

   If you can get a refi do it. You will save many dollars on interest and the interest on your mortgage is deductible.