Unsecured vs. Secured Personal Loans?

November 12th, 2009 by admin

I currently have an $11,000 credit card debt and the bank suggested I get a personal loan to avoid high credit card interest. Should I get an unsecured or secured loan? I have excellent credit which would help for the unsecured loan. And I do have a nice car for the secured loan… however I want to avoid using my vehicle as collateral if possible.

In addition, I usually make a higher payment than the monthly payment… so would that help in the long run if I were to get an unsecured loan?

Suggestions?
I realize 11k is not that much, and for your info I do have a great job, I work 6 days a week. I also have a student loan and I rent.

Two years ago my credit card debt was almost 15k. I no longer use it, just trying to pay it off and do not have any other credit cards.

Repossession

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