Author Topic: Credit card debt  (Read 2815 times)

Online jose34

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Re: Credit card debt
« Reply #30 on: June 09, 2020, 04:33:51 PM »
personal loan will cost more than balance transfer - assuming the bill is paid in full by the end of the interest-free period.
Balance transfer shouldn't do too much to your credit, compared to your current situation.

This is not financial advice. Make sure you do your due diligience.
Found this  :); instead of opening up a new thread will ask here.
Wouldn't a personal loan be better since consolidates everything and make a person pay one solid amount while a balance transfer just involves opening up more credit cards which can get a person in trouble?

Offline TheDroid

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Re: Credit card debt
« Reply #31 on: June 09, 2020, 11:09:06 PM »
Found this  :); instead of opening up a new thread will ask here.
Wouldn't a personal loan be better since consolidates everything and make a person pay one solid amount while a balance transfer just involves opening up more credit cards which can get a person in trouble?

It depends, but the simplest thing to look for in whatever (loan or credit card) is the goal of having THE LOWEST APR. And if needed to consolidate into one, your goal is to pay the LEAST FEES to transfer or consolidate it.
If it cost too much fees to consolidate, pay the one with the highest APR first.
Also if the lowest APR is still too much to pay, consider compensating it by a little higher APR with longer term.

Having a simple one solid amount is not necessary the best or cost effective way to pay down debt.
But the most important thing is make sure you can pay. Having high debt is one thing, defaulting on debt is a whole different world.

Online gozalim

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Re: Credit card debt
« Reply #32 on: June 09, 2020, 11:54:22 PM »
Having a simple one solid amount is not necessary the best or cost effective way to pay down debt.
But the most important thing is make sure you can pay. Having high debt is one thing, defaulting on debt is a whole different world.
0% APR CC is the mathematical better solution for someone with the self control to make it work.
personal loan is the behaviourally safer way to break bad habits for good ones