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Question for the Money Doctors

Question submitted on Apr 14, 2019.

Question

I have already did a transfer of my credit cards to a credit union. Now I want to do a consolidated debt loan with the same credit union ie home equity loan and a finance company both high interest loans. I also have two car loans ie the higher loan paying 8.84% the other car loan only 4.9%. What do you think about consolidating the equity home loan and finance company loan only. The equity loan is 12.75%and finance company is 24%.

Answer

You are smart to investigate the best rates to consolidate your loans, but beware and ask if there are special consolidation fees or penalty fees on the loans that you want to consolidate.  All of your loan rates are high and could be consolidated as long as you can afford the payment terms of your consolidated loan.  Also, consider preparing a personal budget and cut unnecessary expenses.


For additional information visit http://www.360financialliteracy.org/

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