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Need some advice!!

August 15th, 2006 at 05:27 pm

I applied for the 6.9% loan for $30000 to get rid of the HELOC at 11% and consolidate in another CC that is at 12%. They gave me a 9.9% loan. Now this is fine, but here is the clincher. You can pay off the loan early, with no penalty, but you still must pay off the whole interest amount (about $10000). It comes with a set monthly payment you make for about 72 months. So really the loan is for $40000. I'm not very good at math. Is there a loan pro or a calculator that could tell me which would be better? I'm thinking of keeping it the old way, because I do plan on paying the amount off early. Thoughts.....

3 Responses to “Need some advice!!”

  1. debtfree Says:

    Have you tried a debt consolidation company? Sometimes you can get a very good interest rate. The company I work for does not loan money-they just consolidate your bills into one payment.

  2. homebody Says:

    Go to yahoo finance or msn finance and they should have some calculators. I would definitely run the numbers before you make a decision.

  3. debtfreeme Says:

    find another loan. why in the world would you still pay interest on something like that? investigate it a bit more.

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