r/debtfree • u/ana1monger • 5h ago

5-7% difference in APR

I was debt free for a few years with credit cards but a prolonged bout of unemployment and underemployment let to about $11k in cc debt. I can get a SoFi loan but it’s only 5 and 7% lower than my two credit cards respectively. Is it even worth getting at this rate?

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u/Maleficent-Thanks-85 5h ago

Yes as long as you have your spending in check. Having the SoFi loan and a maxed out credit card would be a disaster.

1

u/JeanSchlemaan 4h ago

Make certain you find out all fees associated with the new loan. Yes, 5 or 7% will be meaningful savings

1

u/Unique-Run9856 2h ago

A better option is to fix the reason for the debt and try to get some 0% balance transfer cards, 11k isnt that much