Comments on: If I have a balance on a card of $8,000, 9.99% APR, would it look better to get a debt consolidation loan? http://www.debtconsolidationcap.com/if-i-have-a-balance-on-a-card-of-8000-999-apr-would-it-look-better-to-get-a-debt-consolidation-loan.html Sat, 26 Sep 2009 12:53:09 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Lauren F http://www.debtconsolidationcap.com/if-i-have-a-balance-on-a-card-of-8000-999-apr-would-it-look-better-to-get-a-debt-consolidation-loan.html/comment-page-1#comment-763 Lauren F Sat, 02 May 2009 04:10:11 +0000 http://www.debtconsolidationcap.com/if-i-have-a-balance-on-a-card-of-8000-999-apr-would-it-look-better-to-get-a-debt-consolidation-loan.html#comment-763 If you want to get rid of this fast, then taking a 36 month loan doesn't make sense, even if you could get a lower interest rate. That long length of time will cost you a lot in interest. I would look for a 0% balance transfer card (see the website www.fivecentnickel.com for suggestions) and transfer it to 0% card, preferably for 12 months. Then, if you pay $700 a month for the 12 months, it will all be paid off and you will not owe any interest. Research this plan carefully though. It only works if you make the payment every month on time. If you miss even by one day, the cc company will jack your interest rate up to a horrible amount. If you want to get rid of this fast, then taking a 36 month loan doesn't make sense, even if you could get a lower interest rate. That long length of time will cost you a lot in interest.

I would look for a 0% balance transfer card (see the website http://www.fivecentnickel.com for suggestions) and transfer it to 0% card, preferably for 12 months. Then, if you pay $700 a month for the 12 months, it will all be paid off and you will not owe any interest. Research this plan carefully though. It only works if you make the payment every month on time. If you miss even by one day, the cc company will jack your interest rate up to a horrible amount.

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