|
Should I consolidate my credit cards?
I have 8 credit cards, all with large balances and very small interest rates. I was approved for a consolidation loan but with a pretty high interest rate. I want to do this loan because it is an installment loan which will be paid off in 5 years, where as the credit cards will be paid off in anywhere from 10-20 years (I can only make the minimum payments). Do you think I should take on this loan? I want to just because I know it will be paid off in 5 years, but that interest rate scares me (it's variable).
Just a little more information: the monthly loan payment is just as much as my MINIMUM monthly payments on my credit cards.
|
