Personal Loans For Credit Card Debt Reddit: Community Wisdom

 

Personal Loans For Credit Card Debt Reddit: Community Wisdom – Go to the Debt Free r/debtfree r/debtfree Community for people working to become debt free. Internet Users • EatableWoodcock ADMIN MOD

 

Tldr: I have about $36,000 in debt between credit cards and a car loan. I’m considering a SoFi personal loan to pay off some/all of my debt, but I don’t know if it’s the best thing for my situation.

 

 

 

Personal Loans For Credit Card Debt Reddit: Community Wisdom

Personal Loans For Credit Card Debt Reddit: Community Wisdom

Sorry it’s so long, I tried to include everything on the front that might be relevant. Any advice would be most helpful, I just want to get out of this hole without ruining the bottom.

Debt By Authorized User On Longest Card

$20,000 in Chase (24.49%) and Discover (25.24%) debt, more than half of old debt from college and later (circa 2011-2017). The vacation was extended to 2023 after a family emergency wiped out my emergency fund.

Open a Citi card in 2022 and make a 0% balance transfer on $5,000 in new credit from buying a home and moving. Paid up to $1,000, then my car was totaled in October and I foolishly put medical bills on the card, so the total interest is 26.99% and the balance is $4,000 .

Rent is $2,500/month. Prices are $1,440/month before credit and $2,390/month with. No budget cuts – no carriers, no subscriptions, no wireless, cheapest phone/internet I can find, utilities run on government pay, fixing the thermostat won’t save me any money.. .Maybe get he has a small inheritance and he has a friend who wants to rent a room when he is still in the sun, but he has not been able to do so for two months.

SoFi has approved me for a loan up to $30,000, I’m thinking of applying for $25,000 to erase all cc debt and keep me on one payment (+ the car payment). If I choose a longer term with a slightly higher interest rate but lower payments, it will give me room in my budget to start rebuilding my emergency fund right away and then start paying off the car.

Finally Paid Off The Personal Loan I Should’ve Never Got

Can I take out a $20,000 loan and just put extra money in my Citi card budget to pay it off, but I can’t do anything with the emergency fund and the car loan.

I’m also thinking of trying to transfer my Citi balance to a new 0% APR card, but I’m not sure if they’ll approve me for a personal loan. I’m also worried that I’ll end up in the same situation again where an emergency prevents me from paying off the balance and I get hit with interest down the road.

I feel safer if I can eliminate the cc debt entirely rather than carrying a balance at all, but I don’t know if a $25,000 loan is the best thing to do in my situation. I’m reluctant to ask about hard card options because Chase and Discover are my old lines of credit to a significant extent and I don’t want to close the accounts.

Personal Loans For Credit Card Debt Reddit: Community Wisdom

(FWIW I’m sure I won’t use the cards again after building up another emergency fund. I haven’t added to their balance since the car accident in October and before 2023 I’ll be crazy for what I did. development to pay everything is difficult to develop so the minimum is very high and I have no savings.)

How Do I Remove These Random Loans I Have On My Cibil Data

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