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>>As a new Fool, I'm starting the pay-down-my-absurd-credit-card-debt struggle. I was wondering if
anybody had any thoughts about getting a debt consolidation loan at 4 or 5 points over prime and
paying off all the 18% ripoffs with that, then making double monthly payments on the consolidation
loan.<<

That is what I did; I used some stock I was given over the holidays as colateral for a $9k bank loan and paid off my CC debt. The cc debt was only 12.5% but the bank loan is at 10%. I have put the card away and only use my debit card now so I can only spend what I have in the bank. I admit I was lucky to have the stock. It never even occured to me to sell the stock as it has increased in value about 33% since I got it.

TTMan
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