Hello,
My questions to you are whether or not it would be a good idea for me to take out a loan to help me get my credit cards under control, and if not, if there are other options available that I am unaware of.
Currently, I am about 4k in debt to two different credit cards. I had a month long stretch with my previous job where I had to make up bills and other living arrangements.
I owe $2,200 to the first card at almost 25% APR, the other card is about $1,800 at about 20%.
Currently I have no wiggle room to pay these cards off any faster than the minimum payment amounts, which are making progress at an abysmally slow rate of about $30 a month after the interest hits me.
Long term, I was thinking about finding a loan to pay these balances off while also finding a lower interest rate, as these seem awfully high. Long term, I think this will cost me more money, but short term this is significantly more sustainable.
I have never missed a payment, and the only blemish on my credit report is the high utilization of available credit. At the moment, my score across the various unions is about 630.
I have tried to make an assortment of changes in my life including not carrying the cards with me anymore, and eating less fast food. Some other changes I'm interested in making include living more within my means, but having little savings at the end of the month is making the first/last/deposit for new living arrangements difficult to put together.
My thinking is that a long term loan would likely provide better than the average %23 APR, however with my credit score being what it is, I don't even know where to begin looking. After that, putting together new, more affordable living arrangements would help me pay off that loan faster.
Any and all advice is appreciated, you folks know more than I do.
Thank you.
Submitted May 20, 2017 at 08:42AM by DelugeMetric http://ift.tt/2rCNetA
