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Has anyone here ever done a consolidation loan to get credit card debt under control? Or do you know if it is possible to put that debt under a mortgage when you buy a house.
Kris
Kris
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Has anyone here ever done a consolidation loan to get credit card debt under control? Or do you know if it is possible to put that debt under a mortgage when you buy a house.
Kris
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Has anyone here ever done a consolidation loan to get credit card debt under control? Or do you know if it is possible to put that debt under a mortgage when you buy a house.
Kris
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We consolidated our credit card debt during residency to lower the interest rate. We put all our credit card debts on a line of credit we got from the bank at 1% above prime (floating rate). We went from 18% on our credit cards to about 7.5%. BIG SAVINGS!!! It made paying it off much easier.
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We consolidated our credit card debt during residency to lower the interest rate. We put all our credit card debts on a line of credit we got from the bank at 1% above prime (floating rate). We went from 18% on our credit cards to about 7.5%. BIG SAVINGS!!! It made paying it off much easier.
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We consolidated our credit card debt during residency to lower the interest rate. We put all our credit card debts on a line of credit we got from the bank at 1% above prime (floating rate). We went from 18% on our credit cards to about 7.5%. BIG SAVINGS!!! It made paying it off much easier.
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So this wasn't under your mortgage? What did you do, just go to the bank and ask for a line of credit to pay off your debts? I wonder if they do that in the US...I know that we could have done it in Germany. We could probably formulate a letter to our savings bank (not that we have anything much in savings
). Did you need Andrew's contract for his "real" job? We are just paying OUTRAGEOUS rates with our credit cards...unbelievable. We had gotten the internet NEXT card because it offered us 3.9% interest and gave us a really nice credit limit ... after we had used much of the credit they began crediting our payments late even though we were sending them off well before they were due.....and then they upped our interest rate due to the 1-day-"late" payments...their customer-no-service department was not very helpful. Amazingly, as soon as the interest rate was hiked they were able to process our payments on time again.......hmmmmmmm!
Kris
Comment
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So this wasn't under your mortgage? What did you do, just go to the bank and ask for a line of credit to pay off your debts? I wonder if they do that in the US...I know that we could have done it in Germany. We could probably formulate a letter to our savings bank (not that we have anything much in savings ). Did you need Andrew's contract for his "real" job? We are just paying OUTRAGEOUS rates with our credit cards...unbelievable. We had gotten the internet NEXT card because it offered us 3.9% interest and gave us a really nice credit limit ... after we had used much of the credit they began crediting our payments late even though we were sending them off well before they were due.....and then they upped our interest rate due to the 1-day-"late" payments...their customer-no-service department was not very helpful. Amazingly, as soon as the interest rate was hiked they were able to process our payments on time again.......hmmmmmmm!
Kris
Comment
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So this wasn't under your mortgage? What did you do, just go to the bank and ask for a line of credit to pay off your debts? I wonder if they do that in the US...I know that we could have done it in Germany. We could probably formulate a letter to our savings bank (not that we have anything much in savings ). Did you need Andrew's contract for his "real" job? We are just paying OUTRAGEOUS rates with our credit cards...unbelievable. We had gotten the internet NEXT card because it offered us 3.9% interest and gave us a really nice credit limit ... after we had used much of the credit they began crediting our payments late even though we were sending them off well before they were due.....and then they upped our interest rate due to the 1-day-"late" payments...their customer-no-service department was not very helpful. Amazingly, as soon as the interest rate was hiked they were able to process our payments on time again.......hmmmmmmm!
Kris
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What is a floating rate?
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What is a floating rate?
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What is a floating rate?
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floating rate--is the prime lending rate plus whatever you agree to as the additive--for instance--if the prime lending rate is 7% this quarter and you are paying 1% above prime then you are paying 8% overall--if the plr goes down one percentage point to 6% you pay 7% with the addition
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floating rate--is the prime lending rate plus whatever you agree to as the additive--for instance--if the prime lending rate is 7% this quarter and you are paying 1% above prime then you are paying 8% overall--if the plr goes down one percentage point to 6% you pay 7% with the addition
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floating rate--is the prime lending rate plus whatever you agree to as the additive--for instance--if the prime lending rate is 7% this quarter and you are paying 1% above prime then you are paying 8% overall--if the plr goes down one percentage point to 6% you pay 7% with the addition
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