Debt consolidation???
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Ok so now... I have $24,500... Here it is:
12,800 at 8.99%
10,000 at 4.99%
1,700 at 3.99%
So what would you do??? Consolidate all?? Just the 12,800 or what.. I just don't think I should consolidate all of it as I don't think any bank will give out a consolidation loan at anywhere close to 3.99 or 4.99 and those rates are for the life of the loan. But maybe I could do better on the 12,800 but the payments may be higher.... What would you do? Maybe one of you know a better way to get rid of all this debt... or something....
Debt consolidation???If you can, consolidate it in with your mortgage. Mortgage interest is tax deductable. You will be spreading it out over 30 years. That is the down side. You can always pay more per month to pay it down quicker though.
Debt consolidation???Whatever you do, DON'T go with debt consolidation. All it does is reduce all your payments into one "reasonable" payment; in essence, it just treats the symptom and not the actual problem per se.
My suggestion is to pay off the smallest debt quickest, then once that's paid off, take what you were paying on the smallest debt and tackle the remaining smallest debt. So it'd go like this:
1. $1,700
2. $10,000
3. $12,800
And if you're wondering, yes, the mathematics may not make sense because some people would rather pay off a higher interest debt first. But the key here is the psychological boost; once you get the small one knocked out, you will feel much better about yourself and be more determined to pay off the remaining debt.
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