Did ya know that 80% of Americans are in debt? (With most of that debt being from credit cards!)


That’s 265 MILLION Americans that are in debt.

That’s, like, soooo many freaking people.

And, here’s the deal:

Credit card debt is especially hard to pay off because of high-interest rates.

And, if you don’t have a ton of extra money lying around to pay more than your monthly minimums each month, it can take YEARS to get rid of credit card debt.

So, you might be wondering:

“How on earth am I supposed to pay off credit card debt when I can’t afford to pay more than my monthly minimums?”


There’s this thing called debt consolidation and it is the perfect solution to paying off high-interest debt quicker than you ever thought was possible.

Credit card debt consolidation using a personal loan is clutch because your interest rate will be lower, you’ll be able to pay off your debt in record time, and you’ll skyrocket your credit score overnight.


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!

What is credit card debt consolidation?

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 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 in two ways:

Now this is important:

For debt consolidation to work in your favor, you must transfer your debt to a lower APR option!


What are the pros and cons of consolidating your credit card debt?

The pros of credit card consolidation

These are three major benefits to credit card debt consolidation:

  • 1.  Personal loans and balance transfer credit cards almost always have lower interest rates; this will save you hundreds, if not thousands, of dollars.
  • 2.  Debt consolidation helps you pay off debt quicker
  • 3.  You’ll increase your credit score.


You don’t have to take my word for it that debt consolidation is an awesome way to become debt-free quickly.

Take a look at the examples below and see for yourself!

1. Lower interest rates

Get this:

The average credit card interest rate is a whopping 16% and can go as high as 29% 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%.


Balance transfer credit cards often have 0% APR specials for the first year.

APR is a major factor in determining how fast you’ll be able to pay off your credit card debt so scoring a 0% intro rate is clutch.

It’s also the reason you’ll save hundreds, if not thousands, of dollars when you’re done paying off your credit card debt.

I mean, look at this insane example:

If you owed $2,500 on a credit card that has an APR of 16% and you only made your minimum payment of $65 each month, you’d end up paying over $1,000 in interest!

On the contrary:

If you took that same debt and consolidated it into a personal loan (with an interest rate of 5%), you’d only pay $230 in interest.

Even better, 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!

We can all agree, right, that paying less money in interest fees is the best option right!?

2. Quicker Pay Off Time

Here’s the deal:

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

For instance, that scenario we talked about in the last section would take you 4.5 years to pay off if you only continued to make your minimum payments.


If you consolidated that debt with either a personal loan or balance transfer, it would only take you a little over 3 years to pay off!

Hint:  To see how much interest you’ll pay on your debt (and how much you could save!) use this simple calculator!

3. Your credit score will improve

Consolidating your credit card debt will decrease your overall debt usage and should increase your credit score.

Here’s why:

After you’re approved for a personal loan, you will get a check or direct deposit for that amount.  Then, you pay off all your credit card debt with that money.

Or, you would receive a balance transfer credit card, transfer your balances, and thus have $0 balances on your previous credit cards.

Both of these scenarios are good for your credit score and should increase it by 30-50 points!

The cons of credit card debt consolidation

I think we’d all agree:

Those are some pretty compelling pros to consolidating your credit card debt with a personal loan or balance transfer.

But, you might be wondering:

Is it too good to be true?

Let’s look at the one con of credit card debt consolidation and decide:

A new personal loan or balance transfer credit card will open up another line of credit on your credit report.

However, while simultaneously bringing other lines of credit to zero, to me, balances everything out. 

My personal loan recommendations

Finding a personal loan with a low interest rate to pay off your credit card debt is super simple!

Simply check out 1 of my 3 recommendations below:

  • 1.  Credit Karma – Credit Karma won’t finance a personal loan for you but they will put together a list of recommendations for you based on your credit score.  This allows you to shop around for the lowest interest rate available to you!  Using Credit Karma won’t impact your credit score, either.
  • You can have your personalized list of loan recommendations in as little as 10 minutes when you sign up here!
  • 2. Upstart – This personal loan brand is super easy to use and won’t hurt your credit score by applying.  They offer loans with an APR as low as 5.6%!  This is who I financed my debt consolidation loan with an the process has been easy and stress-free from the beginning.  After approval, my loan was in my bank account the next day and my credit card debt was gone!
  • Check your rate from Upstart by clicking here!
  • 3. PersonalLoans.com – With a 100% online application that is quick and easy, PersonalLoans.com makes it super easy to apply and receive the money you need to consolidate your credit card debt.  You can borrow up to $35,000 and they have APR’s as low as 5.99%!
  • You can click me to start your no-obligation online application!

Whichever option you choose will drastically help you pay off your credit card debt in way less time, so don’t wait to get started!

Time = wasted money

How to find a balance transfer credit card

Here’s the deal:

I don’t have specific credit cards to recommend to you for a balance transfer.


This is how you can find a balance transfer credit card using Credit Karma:

  • 1.  Login to CreditKarma.com
  • 2. Click on the ‘Explore’ tab
  • 3. Click on the credit cards section
  • 4. Browse the category ‘Balance Transfer’ for credit card recommendations based on your credit score


You must only choose a balance transfer credit card that has a lower overall APR than your current credit cards OR is offering a 0% APR 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!

Tracking your debt repayment

Let’s face it:

If you don’t track your debt goals and repayment progress, it will be impossible to become debt-free.

I know this sounds dramatic, but hear me out.

When you don’t write down your debt information or create goals to pay it off, you will have zero accountability in paying off your debt.  Your spare money will go towards shopping at Target and early morning coffee runs.


By WRITING down your debt repayment goals and TRACKING your progress, you will be able to pay off your debt faster than you ever imagined possible.

Because I know how important it is to track your debt repayment, I created the Budget Boss Binder™ as a tool to analyze your finances, create financial goals, and track them for success.

Included in our Budget Boss Binder™ are:

  • • financial analysis worksheets that will tell you how much extra money you have to put towards paying off debt
  • • debt repayment goal planning
  • • debt repayment tracking

The Budget Boss Binder™ will undoubtedly help you pay off your debt quicker and in general, keep your finances organized for a more successful life.

And here’s the best part:

For a one-time investment of only $9, you’ll instantly receive:

  • • Our undated 20 page Budget Boss Binder™ (use year after year)
  • • Free access to our most popular budgeting templates and checklists
  • • Free access to our debt repayment tools and courses
  • • Free updates for life (automatically sent straight to your inbox)
  • • Free weekly money tips, resources, and printables/templates


It’s time for you to take action and afford your blessed life by investing in your lifetime financial planner!


If you’re looking to pay off your credit card debt quickly while saving money (uh, duh!), getting a personal loan or a balance transfer credit card is the best option for you!

You can have your credit cards paid off in as little as a week by applying for a personal loan or balance transfer credit card today.


Don’t forget to sign up for our free Debt Destroyer™ eCourse that is coming soon!

Cheers to being debt free!

- Michelle