Mу bank іѕ wanting mе tο take thе debt frοm mу credit card аnd consolidate іt wіth mу auto loan ( both frοm thе same bank). Thіѕ sounds lіkе іtѕ tοο gοοd tο bе trυе.
Hopefully someone саn give mе ѕοmе advice οn thіѕ.
Thanks!
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I would need more information to be sure. Is the new loan secured by the car, your home, nothing? What is the new rate and what are the rates you pay now on the car and the card? Is there a fee to do the new loan? If the loan is secured are you comfortable possibly losing the possession over your credit card debt? Most of these questions you’ll ask the bank, the last one you can only ask yourself.
That means that you are taking your unsecured debt (credit card) and making it secured debt (your auto loan). It may be a lower interest rate but that’s the only valid reason to do it.
I would advise against that!
You are basically Securing, UNSECURED debt. So if anything happens and you fall behind then you lose your car. Its not smart IMO.
Before you do anything check out 2 sources I recommend.
www. gqcredit. com and www. getqualifiedcredit. com
Think this will help you out some. Good luck!
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