Credit Cards

[DanielL454552]

I'm seventy-one and over the years have accumulated $22,000. in credit card debt. With interest rates increasing this has become a real battle to pay down. My annual income is about the same amount. One way to pay it down would be a loan from a company that would go to Capital One and pay off part of it. I would pay that company at about six percent interest. Then paying that amount in just a few years.

 I know my credit score would take a hit, but I'm not selling my house, and I just bought a car so I can probably get by with a low credit score for awhile. Anyone with ideas would be very welcomed, thanks!

[nctarheel]

@DanielL454552,

Where are you able to get an unsecured loan at a 6% rate of interest?

You mention it would only pay part of the debt.

How much of the $22,000 would be paid off with the new loan.

The only interest rates near 6% would be a Home Equity loan where you secure the debt with your home.

If you can get an unsecured loan for 6%, I would do it because I am sure your credit card interest rates are no where near that.