Loan to pay off Credit Cards? - Posted by Liliana

Posted by Shambhu Nath on September 13, 2003 at 24:19:30:

There are three reasons to pay off the debt. 1) Save monthly payment 2) Improve credit score 3) Get some tax benefits.

If your credit is good and your interest rate is this low, why will you put it in your mortgage and pay higher rate. Your payment will go down but that is because you will extend the payments to may be 30 years.

If you have cash problems, then you may want to do it.

Loan to pay off Credit Cards? - Posted by Liliana

Posted by Liliana on September 11, 2003 at 09:09:55:

My CC debt, in my opinion, is fairly high. My husband and I have good credit and I was wondering if it would be best to get a loan and pay off the CCs or just keep the balances on the CCs. On both CCs where I have a balance I have a rate of 3.9% till the balance is paid in full, I think this is good but could it be better w/the CCs w/0.00 bal.? I also have a student loan but I think that I can keep this one as is. My credit is good and I know that even if I get a loan to pay off the CCs I’ll still have the same debt but does one look better than the other?

Any advice is appreciated!