Hey folks, just hoping to get a bit of advice around what the title says. There's not a lot on Google about this; there's plenty on consolidation of debts using personal loans, but nothing on extending an existing personal loan to do so. I'm trying to figure out what the downside is, If any.
My loan providers terms state that after 8 months of consecutive payments I can ring them and discuss extending the loan. it would essentially pay off the existing one and create a new personal loan at the current rate which is 3.1%, that would pay off my credit card debt and mean that I wouldn't have a large sum sitting there at 18.8%. I can't see any downsides to this, and I'm wondering what your thoughts are, or if anyone has done this before.
Sorry about the mini wall of text. Thanks in advance for your thoughts.
Submitted August 28, 2017 at 03:52PM by digital-sa1nt http://ift.tt/2wXpztT
