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Paying off debt

 
 
Reply Thu 29 Jul, 2010 08:28 pm
Is it possible to pay off a loan with another or several others?
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Type: Question • Score: 0 • Views: 649 • Replies: 5
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oolongteasup
 
  1  
Reply Thu 29 Jul, 2010 08:32 pm
@Homomorph,
No, you can only reduce the interest payable on the debt.
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Chumly
 
  1  
Reply Thu 29 Jul, 2010 08:54 pm
@Homomorph,
Homomorph wrote:
Is it possible to pay off a loan with another or several others?
Yes you can pay off the first loan and perhaps reduce or even fully eliminate the debt. Consider:
- refinancing
- debt consolidation
- partial payback
- debt forgiveness
Homomorph
 
  1  
Reply Thu 29 Jul, 2010 09:00 pm
@Chumly,
Forgive me. You are correct. But can you pay off all of them or more than you have to in the end?
Chumly
 
  1  
Reply Thu 29 Jul, 2010 09:04 pm
@Homomorph,
Homomorph wrote:
Forgive me. You are correct. But can you pay off all of them or more than you have to in the end?
You need to be more specific as I am not sure what you mean.
0 Replies
 
CalamityJane
 
  2  
Reply Thu 29 Jul, 2010 09:23 pm
@Homomorph,
It depends. Let's say you have a credit card debt of 10,000 at 20 %
and you'd like to pay that off immediately. If you find a bank who is willing
to loan you $ 10,000 at 5 or 6 % you can pay off the loan with the high interest
and make payments on the second loan until paid off.
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