personal loan to help with debt (and build credit)

Submitted by corgee on Tue, 10/06/2009 - 19:52

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Thsi IS good advice. However........what people don't realize (or they MAY realize this..) is that if you ARE approved for a personal loan, your credit score automatically drops because you will have more debt. It's almost like a 'catch 22' need 'credit' to improve your credit scores: the more 'credit' you have, the more in debt you will be in.

Sun, 10/11/2009 - 12:31 Permalink

What are ther pros and cons of taking out a second loan to pay down credit card debts?

Sun, 10/11/2009 - 16:08 Permalink

I would say, I'll go for gov't loans as they have low interest rates and pay my debt, I have tried this and it worked for me. You see if you are to wait for your interest rates to pile up then you will suffer.

Thu, 06/02/2011 - 03:35 Permalink
matzcrorkz (not verified)

Yg4UYq Im thankful for the post.Really thank you! Really Great.

Tue, 08/05/2014 - 14:36 Permalink