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

And I thought my £400 balance was bad..
 
esum80 said:
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.
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As long as it's a consequence free conversation and I don't cause them to do something

I don't trust people.

I don't remember the woman I talked with last time but we both have cats - I'll have to go to the bank and look in windows to find out who I want to make an appointment with. I like her vs the bearded guy I talked to before who was way too intense for my liking
 
Clippy said:
Is it ok to talk to them? I'm worried that upon starting a conversation they'll take my credit card
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I can’t say for sure. I would think you could at least discuss options first and if it involves handing over your CC, you could decline.

I gotta think the bank knows your cards are maxed already.
 
Clippy said:
Good question

Don't know off hand
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Where I am going with this is that you may have a rate that is higher than what is now. If you have equity, it may be advantageous to just consolidate everything and pay off the card through a refinance. You'll have the lower rate, have everything consolidated, and be saving quite a bit per month. At that point, you should have enough spare money to start saving and paying off your card every month.
 
Oblivian said:
Where I am going with this is that you may have a rate that is higher than what is now. If you have equity, it may be advantageous to just consolidate everything and pay off the card through a refinance. You'll have the lower rate, have everything consolidated, and be saving quite a bit per month. At that point, you should have enough spare money to start saving and paying off your card every month.
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It's complicated

My and the wife are at diff banks and refuse to amalgamate - we are both die hard fans of our respective banks
 
Clippy said:
It's complicated

My and the wife are at diff banks and refuse to amalgamate - we are both die hard fans of our respective banks
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It's worth looking into. Her bank can pay off your bank or vice versa. You are pissing away money every month if there is a better option. I'm not a fan of consistently using a mortgage to consolidate other debt, but as a tool for a one time thing to free yourself of credit card debt. Not ever having a credit card balance and only carrying a house/car loan is a great feeling. And honestly, it's really not that hard once you have the fresh start.
 
Revolver said:
Everyone here already knows that @Clippy is poor. No need to pile it on now. lol
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tenor.gif
 
Clippy said:
I think I'll go into my bank to talk about it - I have a sizable balance and need to do something
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Look into getting a LOC. If you dont have any assets to put up against one you should still be able to get an unprotected loc at 7%.

And what about that grocery store you had? Just sell that.
 
13 others said:
Look into getting a LOC. If you dont have any assets to put up against one you should still be able to get an unprotected loc at 7%.

And what about that grocery store you had? Just sell that.
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Thanks pal

lol at memories
 
Your book not selling well?
clippy.jpg
 
When I was in my 20's, I had about 3700 in credit card debt. I had recently gotten a raise so I took out an installment loan to pay the full amount off, cut my card up and lived without until I paid down the debt. Since then I pay it off every month.
 
Clippy said:
Yeah but I don't want to get me house involved in this

The mortgage is with the wife's bank
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I know you don't want to but you should get about 1/4 the interest rate which will save a significant amount if you owe a reasonable amount.

Financially rolling it into house debt is likely going to be the best decision, if you are sure you aren't going to rack up the cards again.

I don't know if they do interest free balance transfers in America but they can be good too, however you will need to go to a different bank. Banks reward disloyalty vastly more than loyalty in my experience.
 
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
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Don't say you are in trouble say you want a better deal.
 
Spend less time on Sherdog and go get a part-time job to pay off your debt.
 
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