Jul 26 2009, 05:25 PM
QUOTE(Seng_Kiat @ Jul 26 2009, 11:03 AM)
Hi guys,
Let start a discussion about apply for personal loan to pay cc debt. Is it a good move if we apply for personal loan (interest rate about 6% p.a) to pay off credit card debt (1.5% p.m = 18% p.a)?
from my point of view, it is a good move, we save about 12% p.a. am I correct?
18% per year is just nominal rate, means u actually have to pay more than that, the actual effective rate is 19.56% Let start a discussion about apply for personal loan to pay cc debt. Is it a good move if we apply for personal loan (interest rate about 6% p.a) to pay off credit card debt (1.5% p.m = 18% p.a)?
from my point of view, it is a good move, we save about 12% p.a. am I correct?
This post has been edited by Y.K.: Jul 26 2009, 06:53 PM
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