Hello, I am contemplating taking out around $15,000 in a personal loan to pay off multiple debts. Money seems to be tight every month and it’s hard to keep track of all our bills. The average APR on the loans we have seen is around 15-17% and most of the loans I’m going to be paying off are >20% (credit card, affirms, phones, lawn mower payment). I believe it would help us budget better paying off the single loan payment (~$370 a month with a 60 month term) rather than MULTIPLE medium sized payments throughout the month. We will also have a boost in income in the coming months and will hopefully be able to make extra payments at times. Is this a good plan? or is there a better alternative?
u/Defiant_Speaker_7199 — 12 days ago