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garebear36 t1_jeegmrf wrote

I used sofi to consolidate my 3 credit cards with a lower interest rate. Don't remember exactly what it was but yea switching to a lower rate will help pay it off quicker and save money.


lilfunky1 t1_jeegns7 wrote

if you go this route i would recommend lowering the limits on the cards so that you aren't tempted to run up the cards again and double your debt.


Jjvaa15 OP t1_jeffxs6 wrote

Haven’t touch the cards since August. I have even locked them to not tempt myself. I have no problem paying them off it’s just I’m trying to help see myself save money so I don’t spend so much on interest


soks86 t1_jeet4gf wrote

Why not?

It sounds like a very good idea to lower the % you're paying.

This will also lower your revolving credit balance so the personal loan + 0 balance credit cards should boost your score and potentially open up lower % opportunities.

Especially true if you can get a loan _without_ origination fees.


barrycarter t1_jeeft4r wrote

Have you looked at low interest balance transfers with no or low fees? 24-26% seems high to me for credit card interest, even given recent inflation, but is apparently normal. Are you paying a punitive rate because you missed payments?


lilfunky1 t1_jeege55 wrote

> 24-26% is very high for credit card interest, even given recent inflation.

it's a pretty standard interest rate for a card that isn't advertised as a low interest card