Has anyone ever turned their credit card balance into a loan?

Clippy said:
Last time I gave blood I didn't eat enough, I think I only had a cheese biscuit or something and a gumball and I damn near passed out when my blood got took and nurses had to beat me with wet paper towel to keep me conscious

Plus I'm excited and love mushrooms and want to try Subway's new sub

Ima make sure they don't skimp on those mushrooms
Click to expand...

fucking hot bud, keep going
 
Sonny said:
@Clippy

How much is your current balance?

How long do you think it would take you to pay off if you had zero interest?
Click to expand...

Like 20k - my minimum payments are like 200 a month - I'm just keeping the ship afloat

Every time I make some headway my breaks fall off the car or my tires explode or some unexpected purchase bring me back down
 
Clippy said:
I think I'll go into my bank to talk about it - I have a sizable balance and need to do something
Click to expand...

Get a line of credit and use it to pay off your cards. The interest is going to be closer to 6% compared to the 21% on a CC.

Just make sure you don't rack them back up again.
 
Wet Blanket said:
Get a line of credit and use it to pay off your cards. The interest is going to be closer to 6% compared to the 21% on a CC.

Just make sure you don't rack them back up again.
Click to expand...

Here's my concerns, and bear with me

First off I only have ONE credit card

I'm a secondary on the wife's but I don't think that counts

I'm not entirely clear on how line of credit stuff works - I'm not a smart man

My credit card is currently at 10-11% interest with a $50 or so annual fee

I'm worried that if I tank to the bank that a red flag will go off and maybe I should just continue the struggle as I have been
 
Clippy said:
Like 20k - my minimum payments are like 200 a month - I'm just keeping the ship afloat

Every time I make some headway my breaks fall off the car or my tires explode or some unexpected purchase bring me back down
Click to expand...
Hmmm. Not sure if the bank will give you an unsecured LOC for that much. Obviously have the conversation with them anyways.

I totally understand your reluctance to get your Home involved with a HELOC(home equity line of credit) but it might very well be you’re only choice unless you have a rich uncle you can kill.
 
Sonny said:
Hmmm. Not sure if the bank will give you an unsecured LOC for that much. Obviously have the conversation with them anyways.

I totally understand your reluctance to get your Home involved with a HELOC(home equity line of credit) but it might very well be you’re only choice unless you have a rich uncle you can kill.
Click to expand...

Is it ok to talk to them? I'm worried that upon starting a conversation they'll take my credit card
 
Clippy said:
Here's my concerns, and bear with me

First off I only have ONE credit card

I'm a secondary on the wife's but I don't think that counts

I'm not entirely clear on how line of credit stuff works - I'm not a smart man

My credit card is currently at 10-11% interest with a $50 or so annual fee

I'm worried that if I tank to the bank that a red flag will go off and maybe I should just continue the struggle as I have been
Click to expand...

That's a great interest rate for a CC.

A line of credit is generally an open ended loan you can borrow / repay at your leisure. (Obviously has minimim payments)

If you are still im good standing credit wise and haven't been missing payments anywhere, you should have no issues getting the lone of credit. Banks love giving people credit.

Make an appointment with a financial advisor and explain that you want to consolidate your debt to a lower interest rate.
 
Wet Blanket said:
That's a great interest rate for a CC.

A line of credit is generally an open ended loan you can borrow / repay at your leisure. (Obviously has minimim payments)

If you are still im good standing credit wise and haven't been missing payments anywhere, you should have no issues getting the lone of credit. Banks love giving people credit.

Make an appointment with a financial advisor and explain that you want to consolidate your debt to a lower interest rate.
Click to expand...

thanks pal - like I said I want lower than $200 payments a month which my CC is currently at

But I don't want to lose my CC either

I never missed a payment in my life
 
I'm just worried that the conversation will conclude with no changes and I'll just keep doing what I have been doing all these years and when I leave two guys in Royal Bank of Canada suits will chase me down and run me off the road :(
 
Clippy said:
thanks pal - like I said I want lower than $200 payments a month which my CC is currently at

But I don't want to lose my CC either

I never missed a payment in my life
Click to expand...

You can negotiate a lower interest rate on a fixed portion of the line of creditas well. Like say you get a 10k line of credit and you tell them you want 8k to pay off CC and they can give you a lower rate (maybe 1% less) on that amount frozen for a year or two.

Your monthly payment may not go down much with a mine of credit compared to the CC payment, but you will save on interest and your principal will be paid off faster. Which means you can make lower payments sooner.

Hope that helps.
 
Clippy said:
I'm hoping the loan will work out so I owe less per month than what my current minimum payment is - is that realistic?
Click to expand...

have you called your CC company and asked if they can switch you to a lower interest rate? i called mastercard a while ago and they switched me from 19.9 to 12 (same credit limit) with the caveat that i have to pay an annual fee of $25.
 
Wet Blanket said:
You can negotiate a lower interest rate on a fixed portion of the line of creditas well. Like say you get a 10k line of credit and you tell them you want 8k to pay off CC and they can give you a lower rate (maybe 1% less) on that amount frozen for a year or two.

Your monthly payment may not go down much with a mine of credit compared to the CC payment, but you will save on interest and your principal will be paid off faster. Which means you can make lower payments sooner.

Hope that helps.
Click to expand...

I'm going to print this off and show it to the bank person

Honestly I am really not knowledged about this stuff and apprecieate it bro
 
esum80 said:
have you called your CC company and asked if they can switch you to a lower interest rate? i called mastercard a while ago and they switched me from 19.9 to 12 (same credit limit) with the caveat that i have to pay an annual fee of $25.
Click to expand...

Yeah I pay $50 to get a 11.something% vs 19 like it used to be
 
Clippy said:
Yeah I pay $50 to get a 11.something% vs 19 like it used to be
Click to expand...

as mentioned the next best option will be to get a line of credit through a bank with (hopefully) a considerably lower interest rate and borrow against that to wipe out the CC debt. i don't know if they will make you hand over your CC to be destroyed in front of you but there's no harm in walking in and asking them what the options are...if it's not up to your liking, you can just say thank you and go elsewhere.
 
Clippy said:
I'm going to print this off and show it to the bank person

Honestly I am really not knowledged about this stuff and apprecieate it bro
Click to expand...

NP.

I hadn't done much with banks either till I bought a house and wanted to do renos.

Way easier to pay off the line of credit than to load up the CC. Plus it let me get the 'paid in Cash' price.
 
Sorry, never had.

But in 2009, I had close to $23,000 in unsecured debt. Looked into debt consolidation, but that would've killed my credit score even more, which was hovering around 580.

Just through diligence and hard work, it is all paid off, and now my credit score is between 740-760, depending on which credit bureau is scoring.

It can be done...good luck to you
 
You must log in or register to reply here.

Latest posts

Forum statistics

Threads
1,236,888
Messages
55,452,479
Members
174,783
Latest member
notnormal

Share this page

Back
Top