UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next
Author: Fuskie Big funky green star, 20000 posts Top Favorite Fools Old School Fool Ticker Guide SC1 Red Winner of the 2010 Rule Breakers Challenge Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308363  
Subject: Re: Shopping for a consolidation loan Date: 11/15/2013 5:28 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
I am confused, are you unable to pay your current cards down as scheduled, or is it that you just don't want to? What makes you think you are going to find a loan with an interest rate lower than the cards you are already paying? To answer your questions:

1) What sounds wiser is to dig deeper to see if there is any more money to pay down your highest rate cards. Borrowing to repay debt just trades debt for debt and punishes your credit score. And it doesn't do anything to address changing the spending behavior that resulted in all this debt to start with.

2) Not all credit unions are created equal, so if you don't like the loan terms of one, find another one to join. You are more likely to get support from a credit union or local bank as opposed to an impersonal national or internet institution.

3) Any fees have to be less than the "savings" you expect to gain or else what's the point? My thinking is that it won't be worth the hassle.

Who thinks being frustrated is not a good reason to borrow money and encourages you to take all emotion out of the equation...
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.