Advice about CIBC debt consolidation
Hey! Any advice will be helpful.
CIBC has contacted me with an offer to take a debt consolidation loan to cover the balance on my credit cards.
They said the loan will be 10.99% intrest.
My current balance is
5344$ with a 21.99% intrest rate
4998$ with a 12.99% intrest rate
She said I can either:
Close both cards
Keep both with 500$ limit each
Keep one with 1000$ limit
I can also choose to only take a loan on one of the balances
I am considering to take a 3 year route with monthly payments of around 331$
I also have another card not with CIBC which I am working towards paying the balance. But my question is if I should take CIBCs offer and if it'll be smarter to keep both cards to retain a better credit score? I'm not sure if it will help at all.
I'm hoping to buy a house with my husband in ~5 years.
Thank you so much!