My husband took a loan 5 years back and he is still trying to pay it. the interest rate in his monthly installments is 70% e.g he pays $2000 monthly out of which $1500 is interest. My question is can i take a loan with 20% interest rate to pay my husband’s loan which has a 70% interest rate? This way his interest would be lower and repayments would be quicker.
My husband took a loan 5 years back and he is still trying to pay it. the interest rate in his monthly installments is 70% e.g he pays $2000 monthly out of which $1500 is interest. My question is can i take a loan with 20% interest rate to pay my husband’s loan which has a 70% interest rate? This way his interest would be lower and repayments would be quicker.
18Apr
ANSWER:
This is totally prohibited!
Two wrongs don’t make a right!
My husband took a loan 5 years back and he is still trying to pay it. the interest rate in his monthly installments is 70% e.g he pays $2000 monthly out of which $1500 is interest. My question is can i take a loan with 20% interest rate to pay my husband’s loan which has a 70% interest rate? This way his interest would be lower and repayments would be quicker.