debt consolidation loans bank of america

Bank of America want’s to give me a consolidation loan, what do you think?

Bank of America say’s they will give me a loan to pay off all my bills. I net about 2k a month that could go to paying off the bills however my interest rates on the 2 cards are ridiculous. One is %29.99 and the other is 24.99. I have called both companies and tried to negotiate a lower interest rate but to no avail. I wanna keep my credit score intact and pay off debt asap do you think this personal loan from BOA is a good idea or bad?

I agree with Jeff.

Consolidation loans are a great way to fix past credit problems. But you need to understand the dangers.

Over the past several years, consolidation loans and/or home equity lines of credit were being used to pay off credit card debts. The problem was these people would turn around and run up their now-empty credit cards all over again. Now they are in twice the debt, and their only escape is bankruptcy.

Over the past few years there has been a record number of BK’s filed, and the majority of them were the result of bad credit management.

So if you have the self control to quit using credit until this loan is paid off, go for it. Otherwise start doing your research on filing bankruptcy.