Was this a good idea?

[lizardbreath]

Today I went in and refinanced the cobra and used that money to pay off my 997$ Credit Card Debt and my 2,000$ personal loan and my payment went up only 5$ a month.

I'm also looking to get a CRX as a beater because they get about 40-50 MPG.

 

[KevanoWS6]

sounded good till CRX came into the conversation.

but only $5 a month increase doesnt sound bad as long as you can afford it. did it affect your interest rate at all?

 

[cody_288]

As long as you can make the payments fine and everything else is in check I don't see why it shouldn't be.:shrug:

Unless you have to worry about snow just use the money you would use to buy the CRX for gas for the cobra. You will be farther ahead anyways AND you won't have to drive a CRX.

 

[03Sssnake]

sounded good till CRX came into the conversation.

:lol:

 

[YesterdayAgain]

IMO, no. Should have just paid off the debt with cash over time and you also would have paid the Cobra off quicker.

 

[dsrtdukone]

If you're forced to accept a larger total finance charge for smaller payments now, then yes, it was a good idea. It really depends on your current financial situation. Just remember........If the loan officer was smiling as you left the bank, you probably got screwed.

 

[Double"O"]

If you have to ask chances are prolly not

 

[lizardbreath]

Well I figured that the interest on my car is 4.6% while the interest on the credit card and the personal loan were both at 14% so in the long run I would be saving on interest anyways. Besides it's not like I won't be making double payments are anything like that.

 

[nodaksvt]

If you have to ask chances are prolly not

+1