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

[djacobox372]

Yep, I once took out a 20k car loan at 2% on a car I already owned to pay off some bills.

 

[HIMBOB]

$20,000 at 10% interest is $2,000 a year.
$20,000 at 4% interest is $800 a year.

Rolling it into your home loan will save $100 a month in interest.

Also you would repay it in about 10 years instead of 20 years, both using a repayment of$200 a month.




While it is great to save on interest it's most important to repay the debt. Lower interest helps you repay but it's only psrt of the story.

 

[Hotora86]

I think I'll go into my bank to talk about it - I have a sizable balance and need to do something