I just got approve!!

[Aaron414]

I was young and stupid and decided to take out a line from Bank of America at 16% two years ago, and to this day, I only paid around 2000 off of a 18,000 line, i could only afford the minimum. I finally got a light bulb on my head and decided to consolidate it into a loan with a credit union and got approved at 10%! still not quite what I wanted but anything is better than 16%

[swanson719]

What did you do with the $18,000 line that two years later you cant sell any of whatever it was to pay that off? Paying 10% is highway robbery. You would be better to go without for a bit and pay it all off. Sell whatever you bought.

[disneysteve]

Dropping from 16% to 10% is a good improvement. Now the key will be to continue making the same payment (or more) that you were making at the higher rate so that you can get rid of this debt.

What was this money used for?

[Aaron414]

a car It's better than 16% credit line ill tell you that. That's what i'm planning to do. the min payment is at 378 now. I'll try to add in a 100 or 200 more each month. If i had a little more patience and research for a loan, that amount would've been cut in half by now

[daviddane]

Even 10% is much high for me as i do not have a high source of income. I never think of taking loans as it is easy to take and much harder to repay them.

[EconoMutt]

10% may be high, but at least it's a heck of a lot better then 16%
Good job ! :-)