Title loan on Car??? good or not so good idea?

Okay lets say i have 2 credit cards each with a balance of $3,000 at interest rates of 23% each.Would it make sense for me to do a title loan on a car i own that%26#039;s completely paid off for that $6,000 even if the interest rate maybe 30% or more (worst case scenario)?





I was just thinking one interest payment is better than two is it not?





Also I think I will be doing the loan with a credit union.



Generally, there is some common sense to combine two payments into one. But $6000 at 23% as opposed to $6000 at 30%, that just doesn%26#039;t make sense.


If you are a credit union member and can get a loan to pay off both cards at an interest rate lower than 18 or 19%, then go for it. But don%26#039;t give up 23% in favor of 30%. bad move.




I wouldn%26#039;t do the title loan. I%26#039;d just take the lowest balance and pay that one down as fast as I could while making minimum payments on the other. That way you get rid of one payment. Once the first is paid off, then you pay the next loan down as fast as you can.





I wouldn%26#039;t get any other loans, especially a title loan. You should make a resolution to not borrow any more money. You can%26#039;t get rich by borrowing money. The government thinks they can, but they don%26#039;t deal in reality.


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