How To Get Rid Of Credit Card Debt Fast And Cheap
That’s 260 MILLION people. 260,000,000. #shockedemoji
Are you one of them? I know I am.
But, I recently made a killer decision that has helped me pay off all of my credit card debt in half the time + raised my credit score by 55 points.
Pst, and you can, too.
I consolidated my credit card debt into a personal loan with PersonalLoans.com
Credit card debt consolidation is awesome for 3 reasons:
1. Personal loans have far lower interest rates than most credit cards (a.k.a, you’ll save a shit ton of money in interest costs).
2. Personal loans allow you to pay off your debt in half of the amount of time than if you continued making regular, minimum payments on your credit cards.
3. Consolidation of your credit card debt into a personal loan will drastically increase your credit score.
For these reasons, I think credit card debt consolidation is the best option for somebody trying to pay off their debt quickly and cost-effectively.
If you wanna get straight to business, check out these loan options who have low-interest rates with fast application turn-around:
- PersonalLoans.com – Loans up to $35,000 with interest rates as low as 5.99%
- The Loan Exchange – Loans up to $100,000 with interest rates as low as 16.64%
- Cash Advance – Will connect you with the best lenders based on your specifications. (Good for shopping around for the best rates.)
- Bad Credit Loans – Use as a last resort if you have poor credit. However, keep in mind that a lower credit score usually equates to a higher interest rate.
Otherwise, let’s get into the sweet stuff personal loans have to offer + my personal experience with credit card debt consolidation.
Personal loans, on the other hand, can have interest rates as low as 5% and on average do not exceed 15%.
That is a major factor in determining how fast you’ll be able to pay off your debt and also determines how many of thousands of dollars you might spend in interest costs.
For example, if you owed $2,500 on your credit card and made your minimum payment of $65.00 each month, you’d end up paying $1105 in interest!
Contrary, if you took that same debt and consolidated it into a personal loan (with an average interest rate of 10%), you’d only pay $270 in interest.
That. is. wild. And exactly why I consolidated my credit card debt into a personal loan.
I’m currently saving over $3,000 in interest costs with my loan from PersonalLoan.com.
For instance, that scenario we talked about in the last section, would take you 4.7 years to pay off if you didn’t consolidate into a personal loan.
If you consolidated that debt, though, it would only take you 2 years.
As I mentioned, I recently consolidated my credit card debt into a personal loan with PersonalLoans.com and will be paying off my debt in half the amount of time.
1. It will lower your overall credit card usage
2. It will increase your credit score
When I consolidated my credit card debt into a personal loan, my credit score increased by 50 points.
Now, I have an extremely healthy credit score which opens the door to better interest rates on additional personal loans, credit cards, and/or mortgage loans.
You can see below the jump my credit score saw between September and October after I consolidated my credit card debt into a personal loan with PersonalLoans.com.
(For privacy reasons, I’ve chosen to black out my actual credit score information.)
There are a few options that I recommend over others, though, for reasons related to interest rates + turn-around-time.
The options below have good interest rates and can approve your loan in as little as 1 business day.
So, who do I recommend?
- Loans up to $35,000
- 100% online application
- Interest rates as low as 5.99%
- Can be funded in as little as 1 business day
- Loans from $7,500 to $100,000
- Interest rates as low as 16.64%
- Same day approval + funding
3. Cash Advance
- A great resource to connect you with a network of lenders best suited for your loan requirements
- FREE service
- Use to shop around for the best interest rates
- Loans up to $5,000
- ALL credit scores welcome – Works with a national network of lenders who have experience with applicants with poor credit
- Quick loan request decision
I’ve personally used PersonalLoans.com to fund my credit card consolidation loan and couldn’t be happier with the results.
Like I said, personally, I’ve saved over $3,000 in interest costs and cut my payback time in half.
And, without massive amounts of credit card debt, I’ve decreased my monthly expenses, opening the door to save more money for travel, a house, retirement, etc.
If you’ve been weighing your options, a personal loan could be the best answer to your debt repayment. I know it was for me.
GET MORE SERIOUS ABOUT QUITTING YOUR 9-5.
START EARNING A LIVING, TODAY.