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Credit Card Applications » Credit Card Questions » Other Questions » Should I take out a loan to pay off $5K debt on credit card for lower interest and to help score...

Should I take out a loan to pay off $5K debt on credit card for lower interest and to help score...

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Date:
March 20, 2007, 2:40 pm
Should I take out a loan to pay off $5K debt on credit card for lower interest and to help score for new home mortgage?
Answer:
Unfortunately, it is not clear from your inquiry what credit history you have, so it is difficult to recommend anything definite. If it is not less than fair, you can try balance transfer credit cards. Suchlike cards allow relocate your debt from one credit card (or cards, as a rule, not more than four) onto another with the lower interest rate. Having middle credit score, you can examine cards for fair credit, among which you can find balance transfer credit cards. With positive credit history, you are welcome to look through 0% balance transfer cards, presented at our site. Be careful, apply only for the cards, which you can afford. Read terms and conditions of the cards attentively to choose the card available. Another variant can be debt consolidation loan, which can help avoid filing bankruptcy, eliminate creditor harassment, lower debt payments up to 50%, provide one monthly payment. For detailed information about loans you can search in the Internet, loans are out of your competence. No matter what variant you`ll prefer, consider all the advantages and disadvantages to make the right decision.
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