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#10
Old 08-02-2011, 03:08 PM
TomJames TomJames is offline
L5: Journeyman
  • Dec 2007
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  • 77 TomJames will become famous soon enough
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If you own your vehicle/s, look in to taking a secured loan out on it. I was able to secure a 2.99% loan using my car as collateral which I used for debt consolidation.

You could also look in to taking out a home line of credit. I looked in to that as well but they were able to give me a way better deal using my car. (makes no sense to me but I went with it).




Quote from MrTickle View Post :
I currently have about 50k in my 401k, and my wife has just graduated from school with 35k in student loan debts (mostly private loans), Half of the debt is at 9.5% interest and the other is about 4.5% interest.

I have tried to look through some forums on what exactly student loan debt consolidation is, and how it works, and see some say it is just the average of the loans put in, and the others say they look at the credit score to decide what rate we will get.

My wife and I make over 100k a year combined, both have excellent credit scores, and own our home (3 7/8% rate).

I see for example Wells Fargo will offer a variable rate of 6% to me and be little to no help on a fixed interest rate.
  1. Should I take a loan for the 9.5% from my 401k?
  2. Should I take a variable rate loan from Wells Fargo?
  3. Is there another option or way of doing things that I just dont know of?