Pay Off Debt Fast

only for a short time. to repay the debt faster.

I take a 2nd loan bearing interest payable at the time.

No, this is not a good idea. When you go to a bank and get a loan, where do you think they get the money? People who deposit money in the bank!

Whoever you are lending money you will charge interest on the additional money requested. This interest is used to make profits and pay interest to depositors. So you will always pay more interest on a loan that you get the money by filing.

Your goal should be to repay the debt as soon as possible and then save money. Just sign another loan if the interest is lower, but only take as much as you need to repay it quickly.

A loan is not "earn" interest, the interest costs. You can not do much in a savings account that will cost you to borrow money. So, your question makes no sense.

If you borrow money to pay your debts, make sure that the interest rate on the loan is lower than the rate of interest on the debt. Make sure you compare the APR (annual rate) in April and not confuse with interest per month (or TRA over a period of less than one year).

i wouldnt. I shopped around forever and I found this company with the lowest fees and best service. I had 10k of debt and they gave me a low monthly payment and cut my debt in half. Now I am debt free and I paid $ 4.500 best company around with debt settlement. debtfreeleague I used.

His u just get another loan to pay the first does not make sense