Loan Consolidation Pros And Cons

Should I use a loan to payoff some credit card debt?

I currently owe approximately 10,000 in credit cards and an additional 30K in Student loans. I make my payments on time, though usually right at or slightly above the minimum. I received a pre approved loan (I assume debt consolidation) from citifinancial for 6000. I was curious to see if it was a good idea to use this loan to at least pay off my lower balance credit card debts and some of the largest one. My instincts tell me that I am robbing Peter to pay Paul, but it does sound enticing. Could I have the pros and cons of doing such a loan? Thanks.

I got one of those and I considered it. Before I officially applied for it, I made sure what the requirements for the loan were. I realized that I needed a co-signer so I didn’t apply to prevent a hard inquiry. The thing that made this clear was all of my student loan and credit card accounts; I had opened too many within the past 2 years. And you would probably need a co-signer too.

You should get some assistance from a credit counseling service instead. Getting help from one does not damage your score (source is below).