Credit Card Debt Consolidation Loan

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How does either loan affect credit scores etc...?Which one tends to get the better interest rate? Any reccomendations on what financial institution to go through? How much money do you need to make to take out approx. 10k? Any other info you can provide would help out a lot!

Best Answer

I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc I have student loans, but I would like to consolidate them separatley and not through another loan. Also, I have an auto loan, would the loan be able to cover that as well? Please, real answers, and no opinions/judgements. Thank You.

Best Answer

You probably could however the interest rate may be high. I would start with your own bank as they know you the best. I work as a customer service agent with GMAC where I deal with people asking about refinancing all the time and I refer them to their own bank or credit union. They might be able to work out a deal because you have a "professional/personal" relationship with them.

Whats the best place for this type of loan? Banks?

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I'd say the best credit card debt consolidation loans are here http://creditcarddebt-consolidation.org/ They have a bunch of companies listed - compare rates and see who offers the best deal. Also banks are good if your credit is great and you have collateral.

Could this help me? I owe about 12k on my cards right now...

Best Answer

See what terms you can get from consolidation companies. http://creditcarddebt-consolidation.org/ is a decent site that lists a few. Or if you have a house or a co-signer, a bank is the best bet.

How does either loan affect credit scores etc...?Which one tends to get the better interest rate? Any reccomendations on what financial institution to go through? How much money do you need to make to take out approx. 10k? Any other info you can provide would help out a lot!

Best Answer

Your not solving your problem. Your just relocating it so it looks like it is in check.Just pay off your credit cards and then cut them in half and throw them away.Your still going to have an interest rate no matter how you do it.Your best bet is to try and make as big of a payment as your budget will allow each month. and pay them off and I strongly suggest getting rid of them afterwards. Oh yeah one more thing don't use them while your paying them off cause you'll just be adding insult to injury.