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Debt consolidation

June 23rd, 2007 at 12:25 pm

I got approved for a personal loan that will roll three other debts with high interest into one loan with an OK (8.99%) interest rate. No fee for taking the loan, the payments will be $60-$80 less than the three together are now, and it has fixed payments and fixed interest and pays off in 60 months, with no penalty for early prepayment. Moving debt around didn't work when I wasn't serious about paying it off, but now that I am, this should help me pay more off, faster.

If it still seems like a good idea on Monday, I'll probably do it.

CJ

Posted in Uncategorized | 3 Comments »

3 Responses to “Debt consolidation”

  1. Ima saver Says:
    June 23rd, 2007 at 12:41 pm

    I think it does sound like a good idea.!!

  2. Amber Says:
    June 23rd, 2007 at 02:59 pm

    I did it once, and you're right if you are not serious it won't work (moving money around)but if you are it will. Sonds like you will be fine

  3. LdyFaile Says:
    June 28th, 2007 at 02:08 pm

    If you can afford to make the same payments you were making before, I highly suggest doing so. Especially with no prepayment penalty. Smile

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