Personal loan question

[it99]

Hello,

I a bunch of credit card debt 23k that I am trying to get paid off before my son goes to college.
I have tying to have as much as I can on 0% cards and then try to switch them when the rates run out but it does not only work.
I am already maxed out on my second mortgage and home equity so I can not increase that.
So my credit union told me they have personal loans for 10.5% for 5 years and would make the monthly payments $450 a month which she says is lower than my minimum payments now.
But it would all get paid off. Otherwise it seems like we haven't made any progress on our balance for years. It will go up and down with different expenses. Seems like everything is so expensive now. $1000 dectible on our health insurance when it used to be the best one you could get.

Does this personal loan sounds like a good idea??
Interest rate?

[autoxer]

It's not an attractive interest rate, but what are the interest rates on all of your credit card debts?

[it99]

where is better rates for 23k personal loands 5 years

It's not an attractive interest rate, but what are the interest rates on all of your credit card debts?

They are 12-18 % for credit cards.
what is a good place to get personal loan online

[jeromanomic]

If you close your credit cards, then it's a good idea, otherwise there is the temptation to use them again and get into even worse trouble

[Zarajohn]

Hello,
Approach your loan bosses for lower interest rates.The national average interest rate on a credit card is 15.2 percent, so on the off chance that you purchased a ... Thus goes the procedure until all the obligation is dispensed with.
Thanks
Zarajohn@

[disneysteve]

I a bunch of credit card debt 23k

I am already maxed out on my second mortgage and home equity

Does this personal loan sounds like a good idea??

I think you are focusing your attention in the wrong place.

YOU CAN'T BORROW YOUR WAY OUT OF DEBT!

But it would all get paid off.

This is 100%, absolutely, completely wrong and you need to stop thinking this way.
Taking out a personal loan to pay off your credit cards would accomplish absolutely nothing.
You would still have every penny of that 23K in debt. You would just owe it to a different borrower.

If you seriously want to pay off your credit cards, and your 2nd mortgage and home equity, you need to drastically reform your spending and, if at all possible, boost your income.

We would be happy to help. What you need to do is to post the details of your situation.
What is your household income?
What are your monthly expenses?
How much, if anything, do you currently have in savings?

[Fishindude77]

I agree with DS.
Cut up the cards, reign in the spending, sell anything you have of value to help pay debt, and get a second job for starters.

[Weird Tolkienish Figure]

Hello,

I a bunch of credit card debt 23k that I am trying to get paid off before my son goes to college.
I have tying to have as much as I can on 0% cards and then try to switch them when the rates run out but it does not only work.
I am already maxed out on my second mortgage and home equity so I can not increase that.
So my credit union told me they have personal loans for 10.5% for 5 years and would make the monthly payments $450 a month which she says is lower than my minimum payments now.
But it would all get paid off. Otherwise it seems like we haven't made any progress on our balance for years. It will go up and down with different expenses. Seems like everything is so expensive now. $1000 dectible on our health insurance when it used to be the best one you could get.

Does this personal loan sounds like a good idea??
Interest rate?

Not a bad idea but you need to fix the behavior, first. As other's have said.

[it99]

Thanks for feedback

Not a bad idea but you need to fix the behavior, first. As other's have said.

Good points everbody. We plan on not using the credit cards.
I also going to try to give my wife a cash "allowance" for her miscellaneous spending.
I think this will let her budget the money how she wants to instead of just blindly putting everything on our Debit cards. Sometimes she loses track of money and we end overdrafting money from our overdraft accont.

[riverwed070707]

You're lucky to have a $1000 deductible on your health plan... mines $4k.

The problem is not that things have gotten more expensive, its that you're spending more than you earn. How much are you putting toward the cards each month? Im certain if you post your budget we can help you find some ways to cut back so you can tackle them more aggressively.

[it99]

You're lucky to have a $1000 deductible on your health plan... mines $4k.

The problem is not that things have gotten more expensive, its that you're spending more than you earn. How much are you putting toward the cards each month? Im certain if you post your budget we can help you find some ways to cut back so you can tackle them more aggressively.

I am pissed about the whole Obama Care dragging down eveyone else's insurance so noboday can afford to do anything anymore!!
Does anybody else feel that way!

[riverwed070707]

I am pissed about the whole Obama Care dragging down eveyone else's insurance so noboday can afford to do anything anymore!!
Does anybody else feel that way!

Are you a troll trying to create a political debate or do you just like to blame others for your overspending problems? My insurance went to crap before obamacare so no, I don't blame the current president I blame corporate greed.

[riverwed070707]

Curious - what have you purchased since the end of may to increase your CC debt by $5k? http://www.savingadvice.com/forums/d...-high-ltv.html

Looks like you've made some progress but you were asking this same question 5 years ago...seems you still have not taken the needed steps to get your spending under control. What are you waiting for? With your income level, you should be able to wipe out the remaining debt in 12-18 months and then have a good bit of time to save for college. Continuing to move your debt around from lender to lender is not the answer.

[it99]

Curious - what have you purchased since the end of may to increase your CC debt by $5k? http://www.savingadvice.com/forums/d...-high-ltv.html

Looks like you've made some progress but you were asking this same question 5 years ago...seems you still have not taken the needed steps to get your spending under control. What are you waiting for? With your income level, you should be able to wipe out the remaining debt in 12-18 months and then have a good bit of time to save for college. Continuing to move your debt around from lender to lender is not the answer.

We had 3k income tax payment we had to finance.
It seems like other years we have broke even with taxes but for some reason,this year we got crushed by our taxes. I'm blaming it on Obamacare hiking everybody's taxes.
But now I adjusted the the amount being witheld from our income,so next year our taxes will come out closer to even. The other expenses are a mix kids needing fillings for cavities and or 1k health insurance deductible,etc.

[disneysteve]

Curious - what have you purchased since the end of may to increase your CC debt by $5k? http://www.savingadvice.com/forums/d...-high-ltv.html

Looks like you've made some progress but you were asking this same question 5 years ago

BUSTED!

Sorry but you are going to get the exact same answers we gave you then.

List your budget. Your spending is out of control (and don't just blame your wife).

You earn too much to be this broke.

You need to stop posting the same question over and over and start posting the information we've all asked for to actually start helping you fix this.