Forums
Hello,
I have about 7k in credit card debt. I lose my job months ago and have short of been living on credit cards. I'm getting a job (part time, but it's something) and I was wondering if I could pulling out a bank loan to pay off my credit cards and then pay the bank back monthly. Or Is that a terrible idea? I would rather pay once a month rather than 3 times :(
Pulling a proper loan to pay off credit cards
Welcome to the forums!!!
I don’t think it is a good idea. Bank may not agree to give you the loan. In this situation you can get help from your friends and relatives. By the way what is your credit score?
I'm not sure... I haven't looked in a while. I've had credit cards since I was 18 and I'm now 23. I've maybe been late 2 or 3 times in those five years, and once was recently because I don't have a job :/
...I might have to just ask my pal for a loan.
No Go
I thought about doing that myself but had to rethink. Creditors want to see that you can manage your debt responsibly (keeping credit lines, including bank loans, under 30%). Soooo unless you can pay down $4200.00 immediately, you would still be in the same boat :(
credit
Yes..'Cakemix'...at least you are working part time and showing some kind of effort. Not alot of people want to work now-a-days. Do you know what your credit score is? I know banks/fianancial institutions are pretty strict on the 'credit score' thing right now...just the way the economy is. You have 3 different credit cards? Ok...is it possible you can 'close out' one of those CC's and explain to the CC company you just can't afford it right now?..make arrangements with the balance? THIS way you can put your efforts in possibly paying down or paying off the other CC's. Also,..what you can do is call a non-profit Credit Counseling Center (really do some research on them and find the best one that works for you) to pay 2 of your CC's (you would have to close them, I'm sure..) and keep 1 of them 'open'. With CCC's, you don't pay all of that % a CC asks. However..as I said, you would probably have to 'close' your CC accounts. CCC's are the 'middle man' between you and the CC company. Just some personal advice to give you (been through alot of this myself).