What should I do?
I am not in any dire financial distress but i will be soon if i don’t do something to clean up my finances. I just bought a car for about 5,000 with a 128 dollar monthly payment and a high interest rate. The issue is that the interest rate is ridiculously high. i also have a lot of credit card bills that i need to pay. nothing serious but it could be very soon. my monthly expenses are stretched thin. a friend of mine reccomended that i get a personal loan with a lower intrest rate than my car- pay off the car and use the rest of the loan to pay credit card bills etc. i’d like to do this however bank of america just turned me down for a loan (my credit is not horrible but it’s not shiny clean either). So what should i do? should i stick with the personal loan and if so where is the best place for one of those? Any other ideas?
ha? sell my car and walk 20 miles to work? soooorry. no.
Take this for what it’s worth, but I don’t think another loan is going to be the solution. You know yourself best, but at least be aware that in general when people do “debt consolidation” type borrowing like what you’re considering, they very often end up with all the original debt *plus* the new debt. That’s because the new loan eases the pain temporarily and gives you a false sense of security–when what you really need is a hard look at your income and spending. Your mileage may vary.
Is Bank of America a good stock deal?