Consolidate Personal Loan with Credit Card?

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  spackbace on 10/05/2024 - 13:33

  +3

  but given my financial situation and changes to my job, I haven't been able to do much about it other than making the basic monthly repayments.

  Then it's highly unlikely you'd get approved for more credit…

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  freefall101 on 10/05/2024 - 13:35

  Could get a card with 0% interest on purchases and pay everything with that while you pay down the loan. If you're eligible, a no interest loan would work perfectly if you have any large expenses coming up - https://goodshep.org.au/services/nils/

  One benefit with the personal loan though is the interest rate will be fixed lower. You run a big risk that you'll wind up paying 21% further down the road (which is why they do it) if you're not able to find another card to transfer it to. Unless you're absolutely sure you can repay everything in the period, it might be worth going with the lowest risk.

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  BOGOF on 10/05/2024 - 13:39

  +1

  Is it possible? - Yes. (In a round about way)
  Should you do it? Absolutely not.
  Hint…….Fees & Interest rates.

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  Dollar General on 10/05/2024 - 14:01

  I think all the 0% balance transfer cards charge a balance transfer fee these days

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  brendanm on 10/05/2024 - 15:24

  +3

  Stop buying things you don't have the cash for.

  If anything, consolidate the credit cards and personal loan to a personal loan, then cut up the credit cards.

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  GnarlyKnuckles on 12/05/2024 - 01:35

  I don't understand what the OP is asking. At first read it seemed to be 'is there any way I can get free money'? Then on second read I thought maybe they were hinting at declaring bankruptcy? This post is a bit hard to fathom.

  Can you provide some actual meaningful information OP, and some 'ballpark numbers'? If not, no one can give you any meaningful advice. If you are up into the hundreds of thousands of dollars in debt, and you are gainfully employed, then of course what you need to do is approach ONE entity that will consolidate ALL of your debts into a single debt (that henceforth you will owe them, and them only); then you will have to dutifully pay that debt off over time, at the agreed interest rate … which will be lower that 'credit card interest'; but higher than the standard variable homeloan interest rate.