I'm currently trying to raise my credit score and simultaneously become debt free. I have about 4k in credit card debt and am largely only able to afford to make the minimum payments, which of course just makes me feel like I'm spinning my wheels.
I have recently been considering getting a small loan to consolidate my debt to something with a lower interest rate. Currently, all my credit cards range in APR between 24-27% and I am approved for a loan at 13% This would make the monthly payment lower of course, but my plan would be to continue paying the amount I am monthly to hopefully pay the loan off faster.
I am a little apprehensive about taking on more debt to get out of debt though, and family members I've talked to have different opinions on the matter.
What do you guys think? Are debt consolidation loans a bad idea?
Submitted April 01, 2019 at 03:12PM by Iwilllieawake https://ift.tt/2uBgJ2x
