Re: Taking out a loan to pay off CC

Posted by Boadicea (167.127.24.69) on August 05, 2004 at 09:29:17:

In Reply to: Re: Taking out a loan to pay off CC posted by observer on August 05, 2004 at 08:19:20:

Agree totally with observer. Also note that you frequently have to put up collateral on the loan, and the loan often meets the requirements of a written contract (therefore lengthening the SOL). You may therefore be trading an unsecured debt with a relatively short SOL to a secured debt with a much longer SOL.

If you do it, then close the credit card accounts or sock-drawer it until you pay off the loan.

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