Should I consolidate my debts with this loan?
Should I consolidate my debts with this loan?
Here are the details. The amounts are not in US$ but Euro.
8.096.00 outstanding balance on current loan interest rate 8.12%
Monthly repayment 175.00
Credit Cards I owe:
1,588.00 16.9%
171.00 8.5% (current limit is 500 but I can extend to 1,000)
2,400.00 14.9%
670.00 16.9%
Problem:
I currently pay each of the above credit cards off separatly.
I have to wire transfer payment each month and pay a fee of 35 each time.
I am sending in a different currency so 'lose' value
On average I transfer 350 to 650 a month to pay off the loan and credit cards above and it dents the amounts but barely and I have to live poor.
Consolidate my debts solution: (after cutting up 3 of the 4 credit cards)
12,000 New loan amount INTEREST RATE 9.19% (not 8.12%)
Monthly repayment 269.00 over 5 years
4,829.00 - I owe in Credit Cards
8,096.00 - Current Loan amount
_____
12,925.00 - Total amount owed
12,000.00 - New Loan at 9.19%
_________
925.00 - Transferred to credit card at 8.2% and plan is to clear this asap.
What do you think? The new loan interest rate is higher than I am currently paying but it is saving me from those high credit card interest rates, I also lose on a wire transfer fee and currency exchange. I plan on putting 1,000 on the credit card with the lowest interest rate and paying that off in 1-2 months.
THANKS 
Dana R - you think its a good idea yes? even though my loan currently is at a lower interest rate? by topping up the loan I am getting a higher rate of interest but at the same time I will cut up 3 credit cards and slash the interest rate payments i currently have to pay to the credit card companies.
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