Should I take out a loan or get another credit card?

I have about $3200 in debt on 2 cards, and $5000 in debt on another card to whom I pay through a lawyers office. I pay about $355 a month for all 3, and they all have horrible interest rates (above 29%). Is is best to take out a loan for the $3200 or get another credit card and balance transfer? I don%26#039;t want to open ye tanother card to use it, just to transfer and make payments. I don%26#039;t care about the length of term for payments, just about the effect it has on my monthly income. Thanks!

Should I take out a loan or get another credit card?

Could you not transfer the ones which are not paid through a Solicitor to a 0% intrest rate and keep doing this until you have cleared the balance.

In the UK this is known as being a rate tart, and lots of people do it, but you have to stop using the cards and clear the debt, as clearly affordability is an issue, so the main thing is to stop spending.

I have included a link about what a rate tart is, please ignore any adverts on the site and use a search engine to look up

credit card comparision sites

for your own country they can tell you which ones have the best deals and for how long.

Peace

Should I take out a loan or get another credit card?

if you%26#039;re paying 29% any new card you get will be a high rate card too - I%26#039;ve been discharged from a bankruptcy for 7 yrs and I still can%26#039;t get a credit card with a rate under 20% - not that I use credit cards anymore, but for emergencies and such

Should I take out a loan or get another credit card?

If you%26#039;re like me you probably get tons of credit card offers in the mail every day. Find a card that has a good offer on balance transfers. Some offer 0% for a year, or a very low rate like 3.99% for life. Transfer as much as you can of your debt onto that card, and hopefully all of it. And if you don%26#039;t think you%26#039;re disciplined enough to not run the balances back up on those other cards, close the accounts.

Then make over the minimum payment by at least $50 every month. The important thing is to start living below your means and get out of this credit card debt. Do not use your credit cards for anything or you%26#039;ll never get out.

No such thing as good debt.

Good luck!

Should I take out a loan or get another credit card?

if the bank will give you a personal loan to combine all 3 debts then that%26#039;s the way to go.check with credit company and see if you can transfer all accounts to 1 card at a stable rate.Other then that you need to concentrate on 1 card get it payed off soon as possible then take that money plus normal payment and knock the other off so forth

Should I take out a loan or get another credit card?

I am not trying to be a smarta** but do you see a pattern developing here?

You have $3200 in debt on 2 cards

You have $5000 in debt on another card

You want to know if you should get card #4 and incur additional debt in the service of the debt on cards #1 %26amp; #2?

I used to do this same thing. Get one card. Use it for stuff. Max it out and then get the next card and on and on. The more I used the same METHOD the more I got the same RESULT.

I changed my method as follows: I got another card and used it to buy a cheap used mobile home for cash. I fixed up the mobile home and sold it for 3x what I bought it for. Result: I paid off that card balance and half of another card%26#039;s balance.

Get another card but this time change what you do with the money. Buy something wholesale and sell it retail. Keep doing it. You will turn your financial situation from negative to positive and you will be using your best asset, credit, to your advantage.

Should I take out a loan or get another credit card?

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