Consoladating credit

If you were to withdraw retirement funds early instead, from your 401K, for example, you’d have to pay taxes and a 10% penalty.The interest rates on these loans tend to be low — or even interest-free.(Of course, while you’re using your IRA money, it won’t be earning you any interest either.) From friends and family: These loans can be your best or worst nightmare.

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If the bank’s terms are not to your liking, there’s no reason to have its inquiry show on your credit report.

Not only will you be bailing out your children at an important time in their lives, but you’ll also be giving them an excellent borrowing experience.

In the days of yore, when people needed a hand catching up on their bills, they strolled into the neighborhood bank, spoke to branch manager, shook hands on a loan, and got a check for the amount they needed.

These days, while you can still get personal loans from banks and credit unions, there are generally lower-rate options, such as the ones we have been discussing.

The rates are better when the loan is secured, and you’ve been a bank customer for years than when the loan is unsecured and given solely against your good name. Remember, don’t hesitate to ask your bank or credit union to give you a better deal if they want to keep your business.

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