I have about 10k in credit card debt, and I got a 10k line of credit consolidation loan. All my cards are 90-95% full. Should I dump everything into my line of credit or should I split it between all of them so that no one credit sourceis maxed out? Is it ok to max out one source of credit? THANKS!
Should I use up all of my consolidation loan or split it between that and my credit cards?
A lot of people take loans to pay off credit cards, then run the cards back up. The fiscally proper solution is to pay off the cards then either close the accounts or put yourself on a budget that does not allow you to carry a card balance; then pay off the consolidation loan. Good credit is great, debt is not, get off of the debt-go-round.
Should I use up all of my consolidation loan or split it between that and my credit cards?
You have just financed a VERY expensive band aid. Your question seems simple enough but for an accurate picture more details are needed.
Courtney Kostelecky
founder DebtFreeNews.com
P.S. you .may contact me
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