Has anyone ever consolidated credit cards into a personal loan?

Forum|Forum|7 years ago
July 31, 2018
56 replies
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Hi! I am looking for advice on lowering my debt as it seems my credit cards keep rising up and up. I pay off my min. balance very month but my balance only seems to go up and not down. I have 5 cards and I heard from a friend that I could get a personal loan to pay them off and then pay the loan. Curious if anyone has ever done this or it would something like this help me????

Any advice would be great.

Thanks!

Best answer by Lady1scorp

Yes. Your friend is correct, I have done this before with my credit union. You have to apply for a personal loan, they ask how much you would like or they obtain a copy of your credit report. Whatever is your total credit card balance, let's say $5000 they pay off $5000 and you make low monthly payments on the loan amount and in return your credit cards are at a $0 balance.

Remember this is subject to approval from your bank.

Show previous replies

Oaksmom

Employee

Yes. My husband & I did this about 2 years ago & with the interest rates decreased we were actually able to pay off our debt a lot faster. We started with NINE accounts being added & now we are down to ONE! Just in 2 years. I would recommend a debt consolidation to anyone that needs help! We used Cambridge consolidation & have loved them!

TexOkie

Employee

We did this. We own a newer truck that had been paid off for awhile. We used the truck as our collateral and took out a loan against it. Now both our score went up. However, I strongly advise you to be diligent NOT to start charging on those cards again! It's tough to discipline yourself. Good luck and Merry Christmas!!!

davettalouise

Employee

I’d only recommend this if you are truly ready. I’ve done it twice and the first time, I wasn’t serious nor was I focused so I ended up in more debt. However, the second time around is better because I literally froze my cc’s and deleted my autofills.

Also, if you have a credit union bank account your interest rate will be a lot lower. You can also try lending club or discover loan.

Beccadenise4

Employee

I have used a few companies for this, SoFi is a winner! They're awesome!

hollyteniele

Employee

I did. I went to my local credit union and took out a personal loan. The intrest was lower so I saved there and paid more every month lowering my debt. The big thing is that you have to shred your credit cards bc if you don’t you’ll end up with a loan and credit cards. Shoot for shredding the cards until the loan is paid and then have one company send you a replacement. If you max it out again then you really need to work on your spending habbits.

vivjam

Employee

I have done this more than once. Its great to do if you don`t use your cards again. I did because I`m a single mom. Now she is grown I don`t have to use my cards. I do just to keep them open but I pay them off as soon as possible. It help me.

tere11

Employee

I enrolled on a debt counceling program (In Charge) I didn’t want to consolidate with a personal loan because I can’t control myself from using my credit cards so this program lowers the interest on your credit cards (sometimes to 0%) and also close your credit cards so I’m not able to use them anymore, they just charge a small monthly fee which is a lot better than paying all that interest every month, it didn’t affect my credit score so that was a good thing for me

Nattybobattyyy

Employee

Hi. I’m sure you’ve already gotten a loan or something. But, i highly Recommend getting a loan through lending club. I consolidated My debt through them last year and have been making one payment every month. My interest rate was super low and it’s the same amount every month for three years.
It actually brought my credit up as well.

csenart53

Employee

I did and it dropped our payment down under 200 a month.but our debt was under 8000.So it depends on what you have

Antz2345

Employee

Oh Consolidated I really don't think that I have ever Consolidated. Debt are anything in that matter. To whom it may Concern . can someone send me a text message . then we can go from their thanks.

lpetak2011

You would do better to read the feed and follow some of the examples than to wait and have a response via email. I would suspect that may be hard for you to do though.

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