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AlanC

Consolidation Loan A Good Idea?

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Hello,

 

I have about $44K in credit card debt and I'm considering a consolidation loan through LendingClub to pay a large part of it off.

 

My monthly CC payments total $1689 of which $728 is interest.  Some of the cards are at a 0% rate, but $36K of it is at anywhere from 19.99% to 28.99%.

 

LendingClub is offering me $32K at 6.46% with a $800 origination fee (8.17 APR) for a 36 month note.  The payment would be $980.19.

 

Assuming I'm able to cut up these cards, is this a good strategy for getting the debt paid down?

 

Thanks!

 

Alan

Edited by AlanC

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1 hour ago, AlanC said:

LendingClub is offering me $32K at 6.46% with a $800 origination fee (8.17 APR) for a 36 month note.  The payment would be $980.19.

 

Assuming I'm able to cut up these cards, is this a good strategy for getting the debt paid down?

 

CV will be happy since you are supporting their stock holdings...

 

As to whether it is a good strategy, it is saving you money...provided that you are actually able to curb your spending.  Anything that costs less in interest is a positive step forward though...

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