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Borrowed money to pay off credit cards


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  • 1 year later...
Guest Mark Wilson

Personal installment loan will be your safest option if you have accrued considerable debt or when you really need to create a big investment. Personal loan are pretty straight forward, convenient and also you won’t have to cite grounds for the borrowing.  Personal installment loan will also be foreseeable and simple to handle since you pay in small installments.

Edited by BV80
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The answer to whether I would do this or not would depend greatly on the contracts for each entity I am dealing with.  If I have a credit card with a very good arbitration agreement and they were not known to be aggressive with arbitration (like Discover or AmEx), then I would not want to replace those debts with a loan that may not have as good of a contract attached to it.

On the other hand, if I had cards without arbitration and could get a loan that did include an arbitration provision, I could see using such loan to pay off those cards.

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