facebookIf I have credit card debt, is it better to get a loan from the bank to pay off the credit card debt knowing loan interest rate is lower than credit card interest rate? ? - Seedly

Advertisement

Anonymous

10 Jun 2021

Credit Cards

If I have credit card debt, is it better to get a loan from the bank to pay off the credit card debt knowing loan interest rate is lower than credit card interest rate? ?

Discussion (13)

What are your thoughts?

Jonathan Chia Guangrong

Jonathan Chia Guangrong

01 Oct 2018

Level 12·Cybersecurity Trainee at Bank in blue

Sorry to go into a bit of a lecture mode, but if you are unable to pay off your credit card balance in full each month, perhaps you should not be holding credit cards in the first place. The interest can kill you if you are not careful. You need to be more disciplined in your spending (strong reminder to myself as well). Someone in my family was banned from applying for credit cards for a number of years due to snowballing of interest..

That said, if you are indeed in credit card debt, try calling the bank to see if there's any way to put together a plan to restructure the debt. It will be a painful episode while you pay down the debt but I believe you will be stronger at the end of it.

All the best.

That's basically what they do with debt consolidation. Before that, you could try tapping interest free options IF you're disciplined enough to not just snowball your debts.

Charmaine Ng

Charmaine Ng

15 Jun 2019

Level 9·The Value Maximizer at @ Every Ma La Xiang Guo Stall

No. Also please evaluate how deep in debt you are right now.

If you are having credits and unable t...

Read 11 other comments with a Seedly account

You will also enjoy exclusive benefits and get access to members only features.

Continue with Facebook
Sign in with Apple

Sign up or login with an email here

Write your thoughts

Advertisement