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Pros and cons of consolidating credit card debt with personal loans?

Discussion in 'Debt help' started by GuyMan99, Feb 17, 2019.

  1. GuyMan99

    GuyMan99 Member

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    Nov 28, 2015
    Debt related (important) question: what would you say are the pros and cons of consolidating credit card debt, using a personal loan?
    On one hand, you might pay a much lower interest rate! Which is good.
    On the other hand, you can't stop using your credit cards, so you risk getting into an even deeper debt! Which is a con!
    What would you do if you were in such a situation?
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  2. Perry

    Perry Administrator Staff Member

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    Nov 3, 2015
    The best reason to move credit card debts to a debt consolidation loan is that it over time improves your credit score. Maxed out credit cards has a huge impact on your credit score. You can read more here about the topic / source:
  3. EmileRed

    EmileRed Guest

    Was the card formatted in UDF? If so, it can take a loooooong time for it to show up on the computer. Plug the reader in, insert the card and go for a nice walk. See if that works...

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