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

Nov 6, 2018 | Budgeting | 0 comments

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.

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.

So, how on earth are you supposed to pay off credit card debt with you don’t have two dimes to rub together?  Through a personal loan.

See, I recently 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.

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This post may contain affiliate links.  All opinions are our own.  See our disclosure, here.

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

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 credit card 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 OFFER LOW-INTEREST RATES IN COMPARISON TO CREDIT CARDS

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%.

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 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.

WILD.

GET RID OF YOUR CREDIT CARD DEBT IN HALF THE TIME
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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 didn’t consolidate into a personal loan.

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 with PersonalLoans.com and will be paying off my debt in half the amount of time (3 years instead of 6 years).

You can get a personal loan from PersonalLoans.com 100% online and in as little as 1 day by clicking here.

SKYROCKET YOUR CREDIT SCORE
Consolidating your credit card debt into 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 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.)

pay off credit card debt, DEBT, debt consolidation, debt repayment, personal loan, how to budget, budgeting for beginners, budget binder, free budget printables, free printables, personal finance, budgeting, how to budget to save time and money, budget boss binder
THE 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 + 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?

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

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 debt quickly, getting a personal loan for your credit card debt is a great choice.

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 is the best option for paying off your credit card debt when you don’t have tons of spare money.

DID A PERSONAL LOAN HELP YOU PAY OFF YOUR CREDIT CARD DEBT?  SHARE YOUR EXPERIENCE IN THE COMMENTS!
Best,
xx Michelle

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pay off credit card debt, DEBT, debt consolidation, debt repayment, personal loan, how to budget, budgeting for beginners, budget binder, free budget printables, free printables, personal finance, budgeting, how to budget to save time and money, budget boss binder
pay off credit card debt, DEBT, debt consolidation, debt repayment, personal loan, how to budget, budgeting for beginners, budget binder, free budget printables, free printables, personal finance, budgeting, how to budget to save time and money, budget boss binder
pay off credit card debt, DEBT, debt consolidation, debt repayment, personal loan, how to budget, budgeting for beginners, budget binder, free budget printables, free printables, personal finance, budgeting, how to budget to save time and money, budget boss binder
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