Personal Finance

Best to go to which bank for loan to pay off cc

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  • Feb 7th, 2023 3:08 pm
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Dec 8, 2020
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Best to go to which bank for loan to pay off cc

Asking for a friend literally…

Spouse owes 48,000 in cc debt

Excellent credit. Pays every month plus extra.

Which bank is best to get a loan to pay off the cards so he can get a lower rate as the cards are crazy high.
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Nov 6, 2022
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Québec
Dejavudiva wrote: Asking for a friend literally…

Spouse owes 48,000 in cc debt

Excellent credit. Pays every month plus extra.

Which bank is best to get a loan to pay off the cards so he can get a lower rate as the cards are crazy high.
If they have a mortgage, look at a HELOC, otherwise see if they can get an unsecured line of credit from their primary bank. And the spouse needs to cut up the card, at $48K they clearly have no self-control when it comes to managing credit.
Member
Aug 18, 2019
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Hide your assets and then get a divorce, real or fake. Cheaper than paying cc debt. Then wife can declare bankruptcy. Cc debt problem solved. Fell in love again after few years and remarried her if you'd want to after her debt is cleared.
~teslanaire2bitcoinaireButStillCheapLurking@RFDForDeals~
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Dec 8, 2020
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Obviously anybody who accumulates that amount of debt has issues
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Dec 8, 2020
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Bc canada
clueless dude wrote: Hide your assets and then get a divorce, real or fake. Cheaper than paying cc debt. Then wife can declare bankruptcy. Cc debt problem solved. Fell in love again after few years and remarried her if you'd want to after her debt is cleared.
Interesting that you assumed it was a woman that owes the debt. Either way going to divorce court over money is not them.
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Jan 11, 2020
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Thornhill
Whoa, that's line of credit sized debt...You'd need the person with good credit to take out the loan, but then they start assuming the other's risk. That is one sticky situation. It isn't in a creditors interest to issue debt to pay off other debt, the creditors will see that utilization % and puke (assuming they don't have 6-7 figures of credit and this would be de minimis). Yeah 20% on that amount is brutality...Smartie had good advice about balance transferring, if they can get approval. But you'd be on extra borrowed time...I have some bad 'habits', but thankfully those are all paid on a cash basis. Credit cards are deadly for the undisciplined, can't imagine racking up that much debt if not for education/car/house. As Dr. Phil says, "you don't solve money problems with money!" Is a real doctor?
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Jun 22, 2011
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smartie wrote: Not sure whether BT works. Something like this

"Welcome offer: You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers completed within 90 days of account opening."


https://www.mbna.ca/en/credit-cards/low ... mastercard
This is what I would recommend. Get a CC with a zero or low balance transfer and go that route every x months until paid off. Also, don't let them spend any more money.
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Nov 6, 2022
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MattyMattMatt wrote: This is what I would recommend. Get a CC with a zero or low balance transfer and go that route every x months until paid off. Also, don't let them spend any more money.
The difficulty with this approach is that, depending on the person's revenue, it's going to be difficult to find multiple credit card issuers who will be prepared to offer cards with a $50K limit. It may be possible to transfer a part of the balance to a 0% or very low-interest card a couple of times, but in the end the person will have to face up the fact that they will need a longer-term solution. Hence the ULOC/HELOC route.
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What the hell did the dude buy? Cars? Drugs? ... Women?...
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Dec 8, 2020
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Bc canada
So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.

I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..

The guy is bipolar and i guess used them during a manic moment.
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Dejavudiva wrote: So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.

I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..

The guy is bipolar and i guess used them during a manic moment.
Honestly with the rates where they are now, 10-11% is not bad for an unsecured loan. Prime currently is 6.70%.
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Dejavudiva wrote: So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.

I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..

The guy is bipolar and i guess used them during a manic moment.
I agree with the above, 11% is about as good as you're going to get at the moment for an unsecured loan. It's certainly a hell of a lot better than the 19.9% or more for a credit card. But again, if he's going to do this then he must also agree to cancel the card, otherwise he'll end up loading up the card with another $50K and then he'll really be screwed.
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Dejavudiva wrote: So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.

I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..

The guy is bipolar and i guess used them during a manic moment.
Oh I've seen that before...I know one dude who gave a four-figure tip because he thought he was a billionaire. Mixing Cannabis and mania is just bad news bear. Sounds like Type I Bipolar...In this climate, I wouldn't put a power of attorney on him via his spouse but there's gotta be checks and balances on credit somehow...
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Dec 8, 2020
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ADenariusSaved wrote: Oh I've seen that before...I know one dude who gave a four-figure tip because he thought he was a billionaire. Mixing Cannabis and mania is just bad news bear. Sounds like Type I Bipolar...In this climate, I wouldn't put a power of attorney on him via his spouse but there's gotta be checks and balances on credit somehow...
Should the guy go with variable? It seems it was offered to him as a cheaper option. I noticed the boc may have halted rate hikes so maybe thats a better option. I have empathy for him as have worked around people with manic disorders for years and watched how after their brain settle down, the mess they made can get them to kill themselves. I dont understand why credit cards cant just freeze the interest rates. Im thinking of calling on his behalf and see what they say.
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Nov 22, 2015
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Dejavudiva wrote: So just heard back and this guy got offered 10 almost 11% from envision ( which his mortgages at)
And 9% at TD.

I could see him not being happy about it, as he has good credit and has never missed a payments. Because he’s a friend I feel bad..

The guy is bipolar and i guess used them during a manic moment.
Why would he be not happy about it? 9% is a great rate.... If they had bad credit and missed payments, there's no way they're getting approved at all
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Dejavudiva wrote: Should the guy go with variable? It seems it was offered to him as a cheaper option. I noticed the boc may have halted rate hikes so maybe thats a better option. I have empathy for him as have worked around people with manic disorders for years and watched how after their brain settle down, the mess they made can get them to kill themselves. I dont understand why credit cards cant just freeze the interest rates. Im thinking of calling on his behalf and see what they say.
No one will ever know variable vs. fixed. It's all opinion. Only Tiff Macklem really knows and that might not even be the case because they have to meet as a council for their rate decisions. I would say one thing, you can't trust central bankers, their policies are most effective when they lie to the population. Tiff wants to slow down, Powell wants to go full steam ahead. If that happens, we will get even more inflation - and we see what it's doing to the Canadian social fabric...So if he wants to contain inflation, he will have to hike with the US Fed. So no one can really tell you. It depends on his income, his timeline to being debt free etc...Remember, Macklem also told Canadians he's keeping interest rates rock bottom until 2023, then he multiplied it 18x in less than a year.

An LOC interest rate will be better than a credit card the majority of the time. Though you can always get a 0% balance transfer deal from another creditor for a year. But he's gotta murder that debt in a year.

Yeah, mania is like coke, coke is one helluva drug.
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Mar 10, 2022
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If any of the cc debt is with RBC or Scotiabank I know both will allow a product switch to the 12.99% rate cards.
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smartie wrote: Not sure whether BT works. Something like this

"Welcome offer: You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers completed within 90 days of account opening."


https://www.mbna.ca/en/credit-cards/low ... mastercard
That could help cover a bit. But no where near the $48k she needs.

Best to try to get a loan @ the same bank as the debt. Example : You have a CIBC visa that you racked up $30k debt on. It happens to some.
You apply for a CIBC consolidation loan. Since the debts are @ the same bank, its easy for them to just convert the debt. Close the old one and move it onto a different product. You really have to ask some one @ a branch who is experienced. They'll know if the system acts more favorably towards that.

Just making it up. Not sure if cibc does it. But i think its best to try and do it with the bank where its owed for easy application.
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Dec 7, 2011
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Whitehorse
Dejavudiva wrote: Obviously anybody who accumulates that amount of debt has issues
Yes, they might have had a death in the family while far away from home.
It is very expensive to die.

Or a medical event and the travel insurance found a loop hole.

Life can throw the wrench in your gears.

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