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2 Bumps

If I take out a person loan to pay off all my credit cards

How much do you think i will be paying monthly? I owe 5 grand in credit cards and 3500 in a person family loan.So 8500 would be the loan total? and HOW would i go about doing so?

Answer Question

Asked by Anonymous at 2:48 PM on Jul. 17, 2010 in Money & Work

Answers (6)
  • Shop around first and check out the interest rate

    Answer by ajmfmommy at 2:52 PM on Jul. 17, 2010

  • It all depends on the interest rate and the term of the loan. You can go to online calculators and plug in different rates and lengths of the loan. Call or stop into local banks and get informatin.

    Answer by elizabr at 2:53 PM on Jul. 17, 2010

  • If you have an established relationship with your bank - that would be your best bet.

    Answer by tasches at 3:00 PM on Jul. 17, 2010

  • You need to talk to your bank. They usually have a limit on how much they will give in a personal loan. It costs nothing to call and just talk to a loan officer about your options, and the officer can figure payments for you.

    Answer by michiganmom116 at 6:08 PM on Jul. 17, 2010

  • Just to add to what these other women said, be careful not to turn back around and charge up our credit cards again. I'd have to look it up to be certain, but I think something like 93% of consumers consolidate their credit cards and then turn around and max out their credit cards again. So be very careful :)

    Answer by Erica_Smerica at 6:56 PM on Jul. 17, 2010

  • I would check with the bank first, but also research to see if that's the best option.

    Answer by sherribeare at 3:10 AM on Jul. 18, 2010

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