Hey PF, just had a two part question that I was looking for a bit of advice on. I recently took out a personal loan (3.5k at 34%) in order to consolidate debt. Current payments are 150~ a month, and I used the loan to pay off 3 credit cards in full (each around 1k in balance). I did this to help my credit by reducing credit utilization on the cards, so basically my question is: did I do the right thing in getting the personal loan, and how long should I wait before trying to switch the loan over to a lower interest rate loan?
I know the interest rate is horrendous, but with a credit score in the low 600's I didn't have many options sadly.
Submitted June 23, 2018 at 10:29AM by m149307 https://ift.tt/2tx8PWJ
