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Thread: Debt Consolidation With Personal Loan; Advise?

  1. #1

    Default Debt Consolidation With Personal Loan; Advise?

    Hi all. Alright, so lets just get at it. I have amassed about $12,500 credit card debt through past medical/dental/emergency charges, and I am looking to get rid of it once and for all. Interest rates are killing me, and it is just so demoralizing to put hundreds every month into a credit card payment, only to watch the balance barely move.
    Yesterday, I logged onto my account and thought about looking into a personal loan as a means to consolidate my debt. I have not yet found out what kind of interest rates are on offer (will ask when I go deposit my paycheck today), or even if I qualify. So, the questions I have:
    *Would using a personal loan to consolidate/better structure the reduction of my CC debt be a good decision? (I feel like it would be because I will have a definite end date for my debt payoff, while with a CC I could be paying multiple hundred dollar min payments for the next 23 years)
    *What would be a decent interest rate for a personal loan right now? (I'm in California, if that matters)
    *Would it be smart to get the longest loan terms possible? (I could request up to 72 months. My intention is not to pay the least in interest, but to be able to manage my payments. I currently pay out minimum almost $300 a month to my CC companies. I would like to keep any payment under this, or at the very least, close to it)
    *Would it be better to try and apply for the loan alone, or would there be a benefit to applying with my wife? (We both have decent credit, about the same score)
    Any advise would be helpful. I've only ever applied for a car loan, so I'm a bit ignorant ignorant uninformed when it comes to this kind of stuff (loans, debt consolidation, etc). I really just need a better plan that I can afford, and see an end to.
    Any other suggestions are welcome as well.

  2. #2

    Default

    Hi. If you want to use a debt consolidation service, you should take care to find the best company that will provide you with such services. If I were you, I would pay attention to New Era Debt Solutions because these guys are leaders in the debt consolidation niche and will definitely be able to help you with your issue.

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