Should I re finance my personal loan ? ? Online Loan Firm

Question by Trissh: Should I re finance my personal loan ?
I currently have a personal loan and 2 credit cards which I am thinking of re financing into one personal loan.

The person loan is a fixed loan and I still have around 2 or so years left on it.

I have looked at a personal loan calculator to amalgamate all these debts and the repayments are $ 7.00 less per month than my current personal loan repayments, not to mention the extra money I am paying every month on the credit cards.

The new interest rate If go ahead), is less than the interest rate I am paying on both the personal loan and the credit cards at the moment.

The only downside I can see is that the personal loan that should be paid off in a few years will now not be paid off for 7 years.

I am just about to stop my income as my maternity leave has stopped and am hoping not to have to go back to work for another 4 years (when my son goes to school), so the extra cash would really come in handy at the moment. I will be able to survive financially (hopefully) but the extra cash should really help.

Besides the extra interest we are paying, is there any other things that I should be taking into account before going ahead with this ? I don?t want to go ahead with this and then find that it was a bad choice and that I should have left it as it was.

Thanx

Best answer:

Answer by coach
As long as there isn?t a large fee for the loan, it might not be a bad idea. One thing I?d like you to try first is to call your credit cards and ask for a lower rate; some cards even offer low rate balance transfers for the life of the loan. If you consolidate, I suggest taking the total that you are currently paying on the 3 debts and pay that towards the new loan as long as you can afford it.

Also, make sure you have at least $ 1,000 in savings to cover emergencies. The worst thing you can do is consolidate these debts and then borrow more money.

What do you think? Answer below!

Source: http://www.onlineloanfirm.com/should-i-re-finance-my-personal-loan/

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