Consolidation of Credit Card debt?

Question:

I have maxed 2 of my credit card. each at 18% p.a. if i take up a loan at 12% p.a. to settle both credit card & only make 1 repayment towards the loan.. is it worth it? from 1 point of view, its basically creating debts to settle debts. but on the other hand.. it is at a lower interest rate.im confused!

Answer:
Go for the lower interest rate.

Better yet, get a credit card with 0% interest on balance transfers and pay off your cards that way.

My profile next to finance. Free shareware debt management software. I use this all the time and it has managed my debts better than I could. You need a sound debt management strategy.

Try loan from a private lender although rate may be higher. I personally feel dont apply for another CC, you may fall to debt trap situation

go to this page, fill out the form and take it from there. you'll be debt free in no time!

It makes good sense. You'll be trading 2 debts for 1 at a interest savings of 6%. Just be sure you never use those high interest rate cards again. That is where people get themselves in trouble.

If it is a lower interest rate and monthly payment then yes - be sure to cut up your cards though so you don't make the same mistake...

Consolidation of Credit Card debt?

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