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stanimal21 t1_j2flhig wrote

You need to get your budget in line and live WAY beneath your means before you play these interest rate games. If you are still racking up credit card debt, then no amount of consolidation will ever help you; you'll just get yourself into a worse situation. You need to stop using credit cards until your finances are in order.

Using the Avalanche method (highest interest rates first) or the Snowball method (lowest balances first), just pay off the debts over time. What is the interest rate on the Happy Money loan? 8.99% interest on a personal loan is far better than typical credit card rates, but if the Happy Money loan is cheaper than just use two loans and pay them off AGGRESIVELY.

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batboobies t1_j2flx9g wrote

Thanks for the response!! I've completely locked my credit cards and am not using them at all right now. Right now I'm mostly just getting reamed by interest and purchase interest charges 🥲

The Happy Money loan is at 5.99% and has a set payment plan of around $500/month, with the goal of being debt free in 2 years.

So what you think is I should keep the Happy Money loan, use the other loan for my other credit stuff, and abandon ship on the Accredited Debt Relief program?

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stanimal21 t1_j2fn93t wrote

I don't know what your income is, but $27k is not enough for me to start with debt relief services. Just some good ol' fashioned discipline will work. However, YOU can do the same legwork they would have done by calling the creditors yourself and attempting to negotiate a lower interest rate. Sometimes they will lower your rate for a time period so you can concentrate on loans that did not lower the rate.

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batboobies t1_j2fnizt wrote

Oh interesting! Because they're so risky, credit-score wise?

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