How To Quickly Pay Off Credit Card Debt When You Have No Money

Nov 6, 2018 | Debt Free, Master Your Money | 0 comments

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Did ya know that 80% of Americans are in debt?  With a lot of that debt being primarily from credit cards.

That’s 260 MILLION people.  260,000,000. #shockedemoji

Are you one of them?  I know I am was.

Here’s the deal, though:

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Credit card debt is hella hard to pay off due to high-interest rates, especially if you don’t have a ton of extra money lying around to pay more than your monthly minimums.

With this, you might be wondering:

“How on earth are you supposed to pay off credit card debt with you don’t have two dimes to rub together?”

I paid off $6,000 in credit card debt (don’t judge me) while saving over $3,000 in the process and cutting my pay-back time in half – and you can too.

So, how’d I pay off my credit card debt quickly, cost-effectively, and raise my credit score by over 55 points?

I consolidated my credit card debt!

Credit card debt payoff with 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.

Let’s dive into what credit card debt consolidation is, the pros and cons, if it’s right for you, and how to get started!


Credit card debt consolidation is when you combine all of your credit card debt into one payment using a balance transfer to a lower APR credit card or through a personal loan.

In other words, you’re going to lump all of your credit card debt into one nice, low, convenient payment.

As I mentioned, you can do this two ways:

  1. With a balance transfer credit card
  2. Using a personal loan

Ideally, you’ll be transferring your debt to a lower APR option to lower your monthly payment and pay-back time.

Let’s go over the pros and cons consolidating your credit card debt, now:


There are 4 major benefits to credit card debt consolidation:

  1. Personal loans and balance transfer credit cards [usually] have lower interest rates
  2. Consolidation allows you to pay off your debt quickly due to decreased interest rates and overall monthly minimum costs
  3. Credit card debt consolidation will help you save a crap ton of money
  4. You’ll drastically increase your credit score

Here’s some data to backup my claims:

1.  Personal loans & balance transfer credit cards have lower interest rates

The average credit card interest rate is a whopping 16.71% and can reach a height of almost 26% if you have poor credit.

Personal loans, on the other hand, can have interest rates as low as 5% and on average do not exceed 15%.

And, balance transfer credit cards often have 0% APR specials for the first year.

That is a major factor in determining how fast you’ll be able to pay off your credit card debt and also determines how many thousands of extra 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!

On the 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.

Additionally, if you transferred your balance to a 0% APR credit card and paid off your balance in 1 year, you’d pay $0 in interest!

That. is. wild. — And exactly why I consolidated my credit card debt into a personal loan!

2.  Credit card debt consolidation helps you pay off debt in half the time

If you’re only able to make minimum payments on your credit card, it’s gonna take you hella long to pay it off.

For instance, that scenario we talked about in the last section, would take you 4.7 years to pay off if you only continued to make your minimum payments.

If you consolidated that debt, though, it would only take you 2 years to pay off your credit card debt.

Again, WILD!

As I mentioned, I recently consolidated my credit card debt into a personal loan and will be paying off my debt in half the amount of time (3 years instead of 6 years).

3.  Consolidation will save you a crap ton of money

As you saw in my examples about interest rates, consolidation your credit card debt with a personal loan or balance transfer credit card will save you hundreds, if not thousands, of dollars.

I am currently saving $3,000 since consolidating my credit card debt!

4.  Personal loans will skyrocket your credit score

Consolidating your credit card debt (specifically with a personal loan) will do 2 things for your credit score:

1.  It will lower your overall credit card usage

2.  It will increase your credit score

When you use a personal loan to pay off all of your credit card debt, your credit score will skyrocket!

The proof is in the pudding:

When I consolidated my credit card debt into a personal loan, my credit score increased by 50 points!


I think we’d all agree:

Those are some pretty compelling pros to consolidating your credit card debt.

But, you might be wondering:

Is it too good to be true?

I’ll lay out some cons of credit card debt consolidation and let you decide!

  1. Consolidating your credit card debt into a personal loan or by using a balance transfer credit card opens up another line of credit on your credit score (however, while simultaneously bringing other lines of credit to zero).  This, to me, balances everything out.

While credit card debt consolidation may have some cons, it might be the best option for you if:

  • you have bad credit
  • your debt payments are taking over your life
  • you’ve been sued over your debt

If these things apply to you, here are the best debt consolidation options for you:

>> best Balance transfer options for consolidating credit card debt:

Not one credit card fits all when it comes to balance transfer credit cards.

This is my best advice when shopping for a new credit card to transfer your current balances to:

  1. Use a tool like CreditKarma.com to get an accurate portrayal of your credit score
  2. Use CreditKarma’s tools to shop around for the best credit card options based on your current credit score
  3. Only choose a balance transfer credit card that has a lower overall APR than your current credit cards OR is offering a 0% APR rate through the first 12+ months.

If you stick to those tips, you’ll have no problem finding a good fit for your credit card debt consolidation.

>> best personal loan consolidation options:

Accessibility to personal loans to pay off credit card debt is pretty great nowadays.

There are a few options that I recommend over others, though, for reasons related to interest rates and turn-around-times.

The options below have the best interest rates and can approve your loan in as little as 1 business day!

1.  PersonalLoans.com

  • 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

When you request a personal loan with PersonalLoans.com today, you can review your options for FREE with NO obligations!

2.  The Loan Exchange

  • 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

4.  Bad Credit Loans

  • 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.

If you’re looking to pay off your credit card debt quickly (who isn’t?), getting a personal loan or a balance transfer credit card is a great choice.

Like I said, personally, I’ve saved over $3,000 in interest costs and cut my payback time in half when using a personal loan from PersonalLoans.com

When you visit PersonalLoans.com right now, you will receive a FREE loan consultation!

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– michelle
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Are you struggling to pay off your credit card debt because you can't afford to pay more than the monthly minimums? Then look no further! I paid off my credit card debt in half the amount of time, saved over $3,000, and increased by credit score by 50+ points by consolidating my credit card debt into a personal loan! Get started today to get rid of your debt once and for all. #debt #payoff #creditcard

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