CC vs LOC
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CC vs LOC
| Sat, 01-17-2009 - 5:25pm |
Going through my bills and figuring out which to pay and how much etc, I was thinking that maybe I should pay off my CC's with my LOC, my credit cards are at 11.9 and 19.5 but my one LOC is only at 3.75
The only thing I am afraid of is if I do this, is that it may be tempting to use the CC's. I see it as a sort of Consolidation loan but using my own accounts to do it instead of going to the bank. The LOC is an unsecured LOC so it wouldn't be going against my house.
Anyway just need some feedback please
Sharon
also figured putting my debt on a ticker would help me to keep it front and centre.
The only thing I am afraid of is if I do this, is that it may be tempting to use the CC's. I see it as a sort of Consolidation loan but using my own accounts to do it instead of going to the bank. The LOC is an unsecured LOC so it wouldn't be going against my house.
Anyway just need some feedback please
Sharon
also figured putting my debt on a ticker would help me to keep it front and centre.




Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
I agree with everything every one else said Except do this before you pay the credit cards up Make a list of all the interest you paid on them the last month you owed on them. And since you will be saving that amount of money try to add it to the payment you are making to the LOC. That way it will paid off faster.
Just a cool way of snowflaking
Mary Ann
As long as you don't us the ccs again, then using the LOC is a great idea.
Hi:) I think that it sounds like a great idea...BUT....do you have a plan of action as far as monthly/yearly budgeting and debt reduction that is doable? If so, then I am mostly
I also thing it is a good idea. I just have my one loan. It is nice to attack one thing with one due date. Do NOT use those credit cards again and do NOT close the account. Make sure you focus on the emergency fund so that if something comes up you don't have to use your credit cards. Get your cards out of the house!
Sharon