Quote:
Originally Posted by Offshore82
My goal here is to just get all the debt off the cards and into something that is a low fixed rate.
Any thoughts out there?
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Ok. Let's just address what you state is your actual goal.
Is it better to have a fixed rate of 9.9% than a variable rate that is probably 18% or more (you didn't say what the rate is on the CCs)? Yes. Of course. A lower rate can make it easier and quicker for you to repay your debt assuming you've gotten your spending under control.
What to do with the remaining $8,000 of CC debt if you transfer $15,000 to the bank loan? Your first option, getting a second personal loan, would be perfectly fine if you could get another loan. I suspect you can't because if you qualified for more than $15,000, the first bank would be lending you more.
The other 2 options shouldn't be considered (borrowing from parents).
There is at least one other option you might consider: peer-to-peer lending. If you live in a state that allows Prosper.com or LendingClub.com to operate, you might be able to borrow money there.
All of that said, I still stand by my original reply in suggesting that this is a spending problem more than an interest rate problem. You need to free up as much income as you can to attack this debt. While moving the debt to lower interest rates is nice, it isn't what will fix the problem. Rather than your goal being to move the debt from one place to another, your goal should be to repay the debt as soon as possible. Even at 9.9%, you are losing a tremendous amount of money to interest payments.
I second what skydivingchic said. Post your budget, income and expenses, and lots of folks here will be happy to help point out places to cut back. Depending on how much you earn, 23K in debt should not be a huge burden to repay.