Question : Is it better to consolidate debt into an existing personal loan than have credit cards and a personal loan?
Hope this makes sense. Just after some serious advice on whether I should consolidate all my credit cards again into an existing personal loan. Also not looking for lectures, I've learned my lesson.please note I'm in Australia so interested only in Australian financial advice that is relevant for me
- asked by Mister Avatar
All Answers:
Answer #1
Yes it is better to consolidate your loan. Thatway your outstanding debts are rolled into onerepayment. You can then use any additional fundsyou earn after expenses to have a savings plan.Sound debt management principles with your moneywill eventually lead to savings and incomesecurity.
- answered by SEO
Answer #2
try this calculator to assistyou.
http://partners.leadfusion.com/leadfusion/neacalc/creditline02/tool.fcsGood Luck
- answered by mcdaid36
Answer #3
Maybe depending on if you stopped the use of thecredit cards after you took out the loan to paythem off.To succeed you have to bite the bulletand cut up the cards then pay cash from now on.
- answered by Renate
Answer #4
When you put the "again" into your question itsounds like you are in trouble with keeping awayfrom the credit cards. If you can, I suggest youpick the credit card with the lowest balance andslug away at it until its paid and still do theminimums on the rest. Then when the first is paidoff, take the money you were paying on that andadd it to what you can pay on the next. It isslow going but keeps you from starting over. Ofcourse a new consolidated loan and torn up creditcards is the best solution if you have thediscipline. It is hard to be under that kind ofpressure but congrats on trying to clean up youract. You will be glad eventually. Good luck!
- answered by judy
Answer #5
This site wil give you most useful informationabout personal loans visit
http://www.freewebs.com/getyourloan
- answered by pradha s
Answer #6
It's better to ask your question differently.YouSHOULD have personal loans and credit cardaccounts that offer you the lowest interestrates.If you can do this by refinancing yourpersonal loans - fine. If you can do this byopening up new accounts and transferring balances- fine.
- answered by Emperor Norton II
Answer #7
ya just do it
- answered by dinesh j
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