Is it better to keep 3 credit cards with the same rate, or to get 1 personal loan at a higher rate?

for example, lets say that I have 3 credit cards that have a 5.99 intrest + prime, all adding up to 14.25 % each card, and Each card has at least 3,000.00 on it, would it be better to get a student loan and pay the cards off with the money.. but eventually pay more intrest%26gt;?

Is it better to keep 3 credit cards with the same rate, or to get 1 personal loan at a higher rate?

You sure put yourself in a bind.

Credit over Credit is a bad idea. Call a credit consolidating company or credit counciling. They will consolidate everything into 1 payment each month.

Is it better to keep 3 credit cards with the same rate, or to get 1 personal loan at a higher rate?

It depends. If you%26#039;re trying to get good credit right now or finance a car or house, then I would say get the loan. The reason is that student loans don%26#039;t really hurt your credit score while high balances on credit cards do, a lot. Usually, if you have 3 or more credit cards whose balance exceeds 30% of the credit limit (a balance of $300 or more on a card with a $1,000 limit), you will not be able to get additonal credit cards or finance a car or home. If the credit cards exceed 50% of the credit limit, defintely get the student loan. Plus, you can defer payments until after graduation or simply pay the interest on the loan while in school.

And don%26#039;t worry, I%26#039;m pretty sure the interest rates on student loans is less than 14.25%. Mine is 11.75% and thats a private student loan. Trust me, you%26#039;ll save money and a lot of headaches. Focus on your studies and stop sinking yourself into debt.

Is it better to keep 3 credit cards with the same rate, or to get 1 personal loan at a higher rate?

pay off the 3 cards with one and call on said to lower your rate with the new balance, and threaten if not to cancel and transfer to one paid off (who will be offering a better rate for a paid in full account).

Is it better to keep 3 credit cards with the same rate, or to get 1 personal loan at a higher rate?

i would say consolidate your debts..you will think twice next time of using your credit card if you see that huge balance ....it will deter you from using it more often..

it is the perfect way to manage your debts and finances.

Is it better to keep 3 credit cards with the same rate, or to get 1 personal loan at a higher rate?

Please seek professional help.