Is it wise to get a unsecured loan to pay off another unsecured loan?

Shauntae: Is it wise to get a unsecured loan to pay off another unsecured loan?
The loan will be in the thousands. And if so what is the best business to apply for the loan with?

Answers and Views:

Answer by bdancer222
Shifting debt to another loan is a bad idea. You have the cost of loan processing and probably are extending the financing period. Spreading the debt over a longer term means you pay more interest even if the rate is less.

Better idea is to set up a strict budget and throw every penny you can squeeze out of that budget onto that debt. Find ways to bring in extra cash — garage sale, collect alum cans, get a second job.

Answer by moglie
If the second loan has better terms, then it’s wise. ie, lower interest rate, little or no fees. You can figure out if it’s likely that you will find better terms by looking at a site like www.bankrate.com. They also list companies and what rates they are offering right now.

Answer by kissmymiddlefinger
Only you know the answer to this….
I had a credit card with an interest rate of 23 percent due to a late payment (3 days late)
I switched it to a credit card with a teaser rate of 0 percent.
That was a way better deal for me even with the switching fees since I owed over 4k.
I was able to pay down a sizeable chunk of that money before the teaser rate was over and believe my savings to be in the area of 1500 if not more.
That money went directly to paying down the principal and it also made my minimum payment lower which was helpful when I needed some extra chase around the holiday.

SO I would think that the answer would be yes if the terms were favorable.

Answer by Symone Roland
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