How soon should i get another loan after having been approved and accepted a smaller loan?
last month i decided to get a 20k loan for debt consolidation. the loan itself is set to 17% apr 5 year loan with a min payment of $500 with no penalties when paid off early. I decided to get the loan after a year of only bear minimum spending and only seeing my debt increase no matter how much a threw in the void. i was super excited when i saw i was approved however i am realizing now that i actually needed a 25k loan as i miscalculated how much debt i have. i have been calculating how well i could make up for that difference but its kinda spooky. originally i was hoping that my roommates bf that just moved in will help in terms of lowering rent and bills since they will be paying their share but thats not gonna start until they gotten a job which they are looking for but considering the current economy i am not confident it will be on the sooner side.
I bring home about 2.2k a month and after rent and bills i have about $300 to spare for food, gas, etc. my min payments to CC was $775 with an average apr of 25-30% so i figured the loan min payment at 17% is more then fine but again i miscalculated.
I am thinking of getting another loan, either 25k or 30k at a lower apr from a diff company, "pay" off the og loan and only have debt on the new loan. How realistic is this plan? if its somehow a good idea, how long do i wait before doing this cause i think in the world of finance/loans, getting one loan within a month of another loan isnt a good look right?
I'm stable right now but i can see a problem forming in the next year unless there's some pay pump miracle at my current job,
I'm only using 1 CC as i've always prefered using CC for everyday purchases and even during the year of min spending, that cards balance only went up when i moved
Posted Sep 11, 2025, 4:51 PM UTC