Question by honhill: Bank loan or debt consolidation program for credit card payoff?
Due to a family tragedy, my husband and I are currently in ,000 of credit card debt. All of the payments are current and the cards are paid on time with the accounts still open (we are not still charging, though). We are looking to seriously pay this down before the interest eats us alive. My husband wants to take out a bank loan and pay the cards off that way, but I am wondering about the debt consolidation programs you hear about (I know some of those are scams and some are real). Any advice or experience?
Best answer:
Answer by gregory_dittman
They may be the same thing.
First look at the fine print on your credit card. Some credit cards will have a penalty of paying to much to soon.
If that’s not there, then you probably want a bank loan. Again, you might have a penalty of payng the bank back too soon. The bank may loan you money for less than a debt consolidaton company.
If you can’t get a bank loan, then you could alway try a debt consolidation company.
Know better? Leave your own answer in the comments!
“credit card debt payoff”
Related posts:
- Has anyone ever used a debt management or credit consolidation program?
- If my company credit card goes to collection can I use a debt consolidation service to pay it off? “credit card debt consolidation service”
- Credit Card Debt Consolidation
- Can I get a debt consolidation loan with bad credit?
- What is better, debt consolidation loan, home refinance or home equity loan? “debt consolidation home equity loan”