leo asked in Business & FinanceCredit · 4 weeks ago

Is it possible to clear my credit card bills with debt consolidation loan?

25 Answers

Relevance
  • Anonymous
    3 weeks ago

    yes but it is a bad idea and you have to own a house with equity to get such a loan

    do not do this DO NOT

    it is a real bad idea

  • Max
    Lv 5
    3 weeks ago

    No. I don’t think that will work.

  • 3 weeks ago

    It will still exist. At best you can lower your interest rate.

  • Dan B
    Lv 7
    3 weeks ago

    The debt will still exist under a different name. It s still a debt and the interest might cost you more. You might have some CC debt that can be paid off soon. If you consolidate that debt, you won t have it paid off until the consolidaiton loan is paid off.

  • How do you think about the answers? You can sign in to vote the answer.
  • (A)
    Lv 7
    4 weeks ago

    Yes and just stop spending more than you have.

  • 4 weeks ago

    Think twice about it please. Currently, you probably owe debt to an established reputable credit card company , you going to trade that to become a debt to some not transparent company maybe no one has ever heard off and no way to contact , probably some fly by night outfit. Debt is not a good situation but don't make the situation worse.

    • Cap'n. America
      Lv 4
      3 weeks agoReport

      Best to clear credit cards for emergency. I use mine to make deposit to rent cars.

  • 4 weeks ago

    Look at the pros and cons. I believe your interest rate will be higher.

  • 4 weeks ago

    I hate credit card

  • 4 weeks ago

    I wouldn't because you've still got to pay the loan company. Offering lower amounts is better, very often they will lower or cancel interest, they will take the credit off you but it's better if you don't have it anyway.

  • 4 weeks ago

    If you have top notch credit, possibly.

    If your credit is less than "very good", probably not.

    • Wayne Z
      Lv 7
      4 weeks agoReport

      I know. It is one the Catch 22s in life. The people who can qualify for a loan don't need one and the people who need one can't qualify.

Still have questions? Get your answers by asking now.