Credit Card Consolidation, Who's Done It? Pros/Cons

[OrionStang]

SO both my cars are almost paid off, not concerned with those.

However, I have $8k left on my timeshare and 3 credit cards with balances (2 are my wifes). I'm not gonna post my balances(not too bad, but one has a retarded-high interest rate), but I'm interested if anybody has done a consolidation loan.

I have read that there are hidden fee's and shit, just looking for opinions FROM THOSE WHO HAVE ACTUALLY DONE IT. I plan on inquiring with my bank tomorrow, but could use some real world feedback.

[NancyDrew]

You have already broken the golden rule, Never buy anything that you cant buy with cash, unless its a house. Its a trap bro, they love to pay your credit cards off knowing you are going to run them right back up in 6 months. Before you know it you are in over your head. My suggestion if you do a loan, CANCEL YOUR CARDS AND CUT THEM UP!!!! Except one with the lowest rate, and use it in emergency situations only. If you dont have the cash dont buy it simple a that. Best advice you ever get. Also go to your bank, not some predatory lender for this loan.

[OrionStang]

Im not in over my head, I just want them paid quicker. Thanks for the life lesson.

GFY

[Emmet]

You have already broken the golden rule, Never buy anything that you cant buy with cash, unless its a house. Its a trap bro, they love to pay your credit cards off knowing you are going to run them right back up in 6 months. Before you know it you are in over your head. My suggestion if you do a loan, CANCEL YOUR CARDS AND CUT THEM UP!!!! Except one with the lowest rate, and use it in emergency situations only. If you dont have the cash dont buy it simple a that. Best advice you ever get. Also go to your bank, not some predatory lender for this loan.

*Edit*

My bad orion.

[OrionStang]

Well this thread was a mistake.

Look fuckers, i'm just interested in a lower rate and quicker payoff. Our CC debt is under $10k, plus the timeshare (technically a mortgage) which i'd like to include in the consolidation.

I don't need a lesson on why credit cards are bad, i'm a grown man. Just would like to know if anybody here has personal experience with these loans.

[Jessica]

Don't you get offers for like 0% for 6 to 18 months. I get them all the time. You could transfer your balances over and pay like hell while the interest is low, hope you get another offer in 6-18 months and do it again

[Miguels]

You have already broken the golden rule, Never buy anything that you cant buy with cash, unless its a house. Its a trap bro, they love to pay your credit cards off knowing you are going to run them right back up in 6 months. Before you know it you are in over your head. My suggestion if you do a loan, CANCEL YOUR CARDS AND CUT THEM UP!!!! Except one with the lowest rate, and use it in emergency situations only. If you dont have the cash dont buy it simple a that. Best advice you ever get. Also go to your bank, not some predatory lender for this loan.

that's why its called credit lol if he could afford cash why get credit?

i never dont it.. one of my credit cards allow me to transfer other CC debt.. always good to do when the interest rate is much higher on another CC.

• Current Step 1 of 3
• Select an offer
• Step 2 of 3
• Enter transfer details
• Step 3 of 3
• Confirm transfer request

Transfer a balance to your Capital One® credit card Hi MIGUEL! You may transfer up to $1510.12 to your Capital One credit card ending in XXXX.

Select an offer:

No FeeSame Rate as Purchases

Offer

[sprkn_ranger]

It's nice to do it cause then you only have one payment, and it can save you alot of money in interest if you can A)pay off cards with higher interest rates and B)pay more than the minimum on the new loan.

I'm not 100% sure about this or not but I've heard some lenders will look at a consolidation loan as a bad thing and can hurt your chances of getting other types of financing in the future. They basically look at it like you got in over your head and needed to get a consolidation loan to "bail" yourself out. So that's something to research if that's a big deal to you.

And as stated above, make sure you go through a bank or credit union. They will typically get you a better loan for this kind of thing. Good luck man!

[OrionStang]

If I do it, it would definitely be through my credit union.

And that's the kind of thing I was worried about, Brandon. I'm not over my head right now, just looking to save a few bucks. But I don't want a consolidation to affect any future credit checks.

[sprkn_ranger]

Talk to your credit union and see what they say. If you have good credit now, maybe it won't make a big impact.