<<Would it be foolish to take a loan from my bank to pay off my Credit Debt...if the loan has lower rates than my credit card?>>Hi, Markaronoff!I just KNOW you'll have received lots of opinions on this one, but since there are still a lot of new posts I haven't read, I'll still throw my 2c in. ; )I don't think it would be foolish at all. In fact, it could be quite Foolish to take a loan to pay your credit card debts. Many have found that debt consolidation loans have worked extremely well in their favor.You will need to crunch all the numbers to compare how you will fare by taking a loan, and of course you'll need to do some serious shopping around to get the best rate.Personally, I'd be uncomfortable taking a home equity loan myself unless you're sure that that would be the best way for you. Home loans can be a bit scary though, as you are in essence putting your home (or a chunk of it) at risk. Usually it's not a problem, but it's something to weigh in your decision making.But on top of everything, should you go with a loan, please make sure you've made a serious commitment to not use the cards anymore. It would be a real kick in the teeth (notice the elevation!) if you were to rack up the debts again and still have that loan to pay on top of them.Good luck!Tony...but I still am...Off2Aruba
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