SIGforum.com Main Page The Lounge Should I take out this loan? updated page 3 NEW UPDATE PAGE 3 - Paid off
Main Page The Lounge Should I take out this loan? updated page 3 NEW UPDATE PAGE 3 - Paid offGo | New | Find | Notify | Tools | Reply | |
| That rug really tied the room together.  |
The thought process that a hard inquiry will devastate your credit score is nonsense. So it drops 5 or 10 points. Who cares! Get a low or zero interest balance transfer credit card and work in paying that down. ______________________________________________________ Often times a very small man can cast a very large shadow | |||
|
| Member |
This. It's a terrible idea. Stretching it out for 3 years tells me he's not mad enough about it.This message has been edited. Last edited by: 1s1k, | |||
|
| I am a leaf on the wind... |
True, but still not a good enough reason to commingle unsecured debt into your largest asset. _____________________________________ "We must not allow a mine shaft gap." | |||
|
Ammoholic |
Why? Nothing wrong with stretching it out, except the horrendous rate. Just bought new kitchen cabinets, did zero percent for two years even though we had money in bank to pay cash. Jesse Sic Semper Tyrannis | |||
|
Alea iacta est |
List your debts from smallest to largest regardless of interest rate. Make minimum payments on all your debts except the smallest. Pay as much as possible on your smallest debt. Repeat until each debt is paid in full. The “lol” thread | |||
|
| Green grass and high tides  |
E, you are getting some good advice and some not so good advice here. Everyone here has just a tiny snap shot of the bigger pix. With that in mind I think you are headed in the wrong direction. Many have alluded to that in their response's. I would look hard at ways to pay it off as soon as possible with out trading debt to pay debt off. Mow lawns on te weekends or evenings. A part time job. Sell items, etc. All funds go to getting this paid off, not down. And then quit. It can be done and is the only real solution. Good luck. "Practice like you want to play in the game" | |||
|
| Ammoholic |
Depends what equity you have and how much you owe on the first. A holder of a second can foreclose, they just have to pay off the first. In some situations they may elect to do that. | |||
|
| Ammoholic |
Why regardless of interest rate? It would seem logical to prioritize paying off higher interest rate debt first, no? | |||
|
Drill Here, Drill Now |
Does your 401k do low interest loans (e.g. 5.25%)? Mine does and still allows 401k contributions so I can keep getting the company match. Ego is the anesthesia that deadens the pain of stupidity DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer. | |||
|
Learn it, know it, live it |
| |||
|
| Member |
Logic and math would say to pay the highest interest rate first. But with debt you are not dealing with math but behavior instead. If you were good at math you wouldn't be spending all your income on interest to someone else. So when you see progress by paying off the smallest amount first, you are rewarded with a feeling of accomplishment. Then you focus on the next smallest amount and you get another check off of your list. Rinse and repeat. | |||
|
| Alea iacta est |
Exactly. If you go after the smallest, you see the reward for your efforts sooner. Humans like instant gratification. Seeing the progress you’re making and feeling you have eliminated some debt, is a good motivator to keep going. The “lol” thread | |||
|
| Member |
Like the others have said, try and get a 0% balance transfer from a different card. I would also consider a loan from Payoff.com. It would probably be between 4.5% and 6%. My wife consolidated her debt this way and it worked great. ****************************** May our caskets be made of hundred-year oak, and may we plant those trees tomorrow. | |||
|
| Learn it, know it, live it |
Never mind, I googled it and somehow had ViewMyPDF malware ext in my Chrome. I deleted it and it is gone.. | |||
|
Fighting the good fight |
Or if you have a "whole" life insurance policy (as opposed to the more common "term" life insurance), you can usually borrow against that at a similarly reasonable rate. And loans like this also do not affect your credit (which seems to be a concern here), because they typically neither involve a credit check nor do they go on your credit report, since you're basically borrowing your own money that you've paid in. | |||
|
Member |
Whole life insurance loans can be a fantastic financial tool, IF you really, really know what you're doing. You can't borrow unless you have a cash value and that can take a few years to accumulate. If you're still young and healthy, you can even surrender or replace the policy with a new one and get the cash value paid out, which means no loan to repay. Again, you really need to understand this stuff before pulling the trigger. I do this stuff every day for my job and run into some pretty hard luck stories a few times a week. | |||
|
thin skin can't win |
I see this offer from time to time from AMEX. Question for OP - are you actually carrying an AMEX with an annual fee right now? You only have integrity once. - imprezaguy02 | |||
|
| His diet consists of black coffee, and sarcasm.  |
Blue From American Express (as it is called) card, no annual fee. I have had it since 2007. It is actually one of my favorite cards. I did have the gold one with an annual fee from ?-2009. | |||
|
Nullus Anxietas |
There used to be a syndicated program in the evening on one of the local radio stations: The Bruce Williams Show. He offered advice on all manner of personal finance issues. I learned a lot, listening to his show. IIRC he hated, absolutely hated, this idea. My ex-next-door-neighbours on one side are a perfect example of why. They'd get themselves into excessive short-term debt, take out another mortgage to pay it off, then get themselves right back into excessive short-term debt. Long story short: The house was foreclosed-upon a couple years ago. Not saying the OP would do that, but many people do. Personally, whenever my CC balances got too high I simply stopped spending until they were paid off. In a later post the OP notes he's not in financial distress. He simply wants to rid himself of a high interest rate on a high CC balance. This being the case: Were it me, I'd either do what I've always done, as noted above, or look to obtain an unsecured short-term loan from my CU. "America is at that awkward stage. It's too late to work within the system,,,, but too early to shoot the bastards." -- Claire Wolfe "If we let things terrify us, life will not be worth living." -- Seneca the Younger, Roman Stoic philosopher | |||
|
Member |
That's probably valid. I've never had credit card debt (past the billing period) in my life. Foolish way to finance. It's easy but costly. _____________________ Be careful what you tolerate. You are teaching people how to treat you. | |||
|
| Powered by Social Strata | Page 1 2 3 |
 | Please Wait. Your request is being processed... |
|
SIGforum.com Main Page The Lounge Should I take out this loan? updated page 3 NEW UPDATE PAGE 3 - Paid off
Main Page The Lounge Should I take out this loan? updated page 3 NEW UPDATE PAGE 3 - Paid off© SIGforum 2024