I used my credit card to help out my brother for a very large amount of money and i kept on paying but the balance doesn't change much. Can i apply for a loan then pay it that way since the interest might be lower? What can i do?

 

Word of advice:

Don't borrow money to pay off borrowed money.
That is just asking for trouble in almost any circumstance.







BTW....was/is this "help" going to be repaid? Shouldn't your brother be the one paying or at least helping with the payment. Interest that your card is accruing at the absolute least?

 

Is there a reason why your brother couldn't handle the transaction on his own?

 

He lost his job. I'm helping him pay monthly so it'll go down quicker or my credit score might be bad. Can i get a loan to pay for this?

Learning my lesson big time.

 

Getting a loan depends on your credit score, assets, income, etc.

Check with credit unions first (hopefully you're a member of one), then banks. If you can get an unsecured loan, the interest rate should be lower than than on the credit card.

Do you have other credit cards which might have lower interest rates for balance transfers? Calculate the transfer fee v. lower interest to see if the numbers work.

G/L.

 

Thanks.

 

If you go to the bank, you want to ask for a consolodation loan. Tell them you want to pay off all your credit cards, if you have been good about making payments on your cards, and you can afford the new most likely higher payments on a loan, then it should be no problem. they do those kinds of things all the time.

 

Not really, getting a loan to consolidate your debt and lower your interest rates is not necessarily a bad thing. You could end up saving a lot of money on interest. I've done it..

 

Sorry to hear this bud. Are you making minimum payments? I know it's obvious but if you pay more you'll end up paying off the principle quicker. Every extra dollar counts.

I know people who got a loan to consolidate their debt and it worked out for them as well. Fiftyfive will probably have more info for you if your interested.

Good luck man, you'll definitely learn from this mistake.

 

I'm paying a little more than minimum just so it'll help with the principle. I'll check with the banks regarding consolidation loans.

Thank you.