Is a debt consolidation loan worth it?
21.1.2023 19:59
Currently I have $10,491.52 spread out between 6 accounts. Everything is current and I'm currently following the snowball method of debt payment. As it stands now I will be paying $2799.72 in interest of the next three years.
I can get a debt consolidation loan for $11,000 at 15.81%. This would be fore 36 months and the interest paid would be $2880.02. I really wouldn't be saving any much money.
At my current rate it will take about 3 years to pay off my CC's which is the term of the consolidation loan. Is there any good reason to get the consolidation loan?
I can get a debt consolidation loan for $11,000 at 15.81%. This would be fore 36 months and the interest paid would be $2880.02. I really wouldn't be saving any much money.
At my current rate it will take about 3 years to pay off my CC's which is the term of the consolidation loan. Is there any good reason to get the consolidation loan?