Welp. I messed up. Big time. Now my credit card debt is too high. Trying to pay them down as best as I can, but most of my paycheck goes to bills, student loan, car payment, and rent. I surmise across 4 cards there is 12k I have to pay down. Trying not to get a second job since my first job takes up so much of my time (work 10-12 hours a day), but I will if it comes down to it. Is it worth it to get a loan? I don't really know anything about finances. Pls help.
Idk about opening up a 5th card for that. Will my credit score be affected more or less by doing the same thing with a low interest bank loan (if one exists)? I admit my ignorance. But I'm basically paying $500/mo across the 4 cards which seems silly and isn't reducing the interest payments by hardly anything. There must be a better way.
Get another card with 0% APR on transfers. DO NOT accumulate any more debt. Transfer all you can to the new card starting with your highest interest debt first. If your new card doesn't cover it, use your tax return to pay your debt down further.
Regarding your credit; the hard inquiry and decreased average age will hurt a little but the improved credit to debt ratio will offset this damage and your monthly expenses will be reduced. Well worth it IMO.
Do this OP.
I don't understand what you find wrong with it.
>Is it worth it to get a loan?
What you've said here is the EXACT same fucking thing that >>1036169 said. Only, that consolidated loan has 0% interest for a while.
It is possible that you could get a bank to consolidate your debt into one loan at a lower rate... but it won't be 0% for 6-12 months.
>Will my credit score be affected more or less by doing the same thing with a low interest bank loan (if one exists)? I
Fuck your credit, literally who cares about your jew score, financially literate people recognize the value in, and are able to pay for things with out financing anything, if not, much at all. That said, having more credit available would only help you as far as credit score goes, I think.
Or, just make more money. However you usually do that. Pretty simple.