Do you think my bank will give me a 10K loan to pay off my C.C. debt if I pay them back in a week?

Right now I have a 10K debt on one of my C.C. and it has a high interest rate, but if I am able to get a 10K loan dollars to pay off the entire amount and then use a C.C. purchase check from that same card (but this time with a much lower interest rate) to pay off the loan in a week or less I will be in better shape. One side note is that the local bank that I will be asking the loan from is also the same bank that owns the C.C. Do you think this idea will work. I have a lot of student loan debt in addition to this C.C. although my credit rating is pretty good. I feel something like this is my only option because I don't see my income getting that big in the near future and I can only afford to make the min. payment which is getting me nowhere. A debt counseling agency will only help me if I get rid of the card, which is my only source of emergency funds. Also, I am unable to get another lower interest rate C.C.to transfer to $ to because of the my high debt to income ratio

If they are the same bank, then there is probably some fine print on the CC purchase check saying that you cannot use the check to pay debts of that same bank. All the ones I've ever seen have a sentence that says that.

Why is your income limited? Is it something that is beyond your control, or can you get a second job, or a different job, etc.? Chances are there are always things you can do to boost your income legally, if you want to badly enough.

No, I don't think they'll go along with that.

Sounds like you've been talking to someone that's trying to sell you some kind of personal financial coaching package.

It won't hurt you to visit your bank and talk to them. Your high debt to income ration might hurt your chances, but if you might be able to pay them off in a week, you might be able to convince them.

It isn't in a bank's best interest to have you pay the loan off in a week. All they really care about is if you are going to be able to keep up the monthly payments. So, given the debt to income ratio that you are facing now, will you be able to keep up the payments on your loan? Would you give someone in your situation a loan if you were the bank?

Do not get a loan to pay off credit card debt. The reason is you WILL run up the credit card debt again. You did not get get to 10k using your credit card for "emergency funds" unless you have had a lot of them. You will end up worse off than you are now. You are not really paying off a lone you are just moving it around. That is why that debt agency will not help you unless you get rid of the card. Keep things the way they are as to not mess up your credit rating. Talk to your bank about restructuring your loan and ask if they can help you lower your payment or interest rate.

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Kings Regards

you only have one slight problem lets say the bank does go for it -- you write the check to pay back the bank and they run it through the system -- when that check gets back to you cc company they will see it was made out to you and it will be flagged as a cash advance and you will be charge a higher rate of interest and a fee for a cash advance--- but it was a nice thought while it lasted!!!