Paying off multiple debts is tough, but the ultimate reward (i.e., getting out of debt) is surely worth it. Whether it’s multiple credit cards, loans, or even medical bills—with a strategy in place that you can stick to, becoming debt-free is more than possible.
Consumers are familiar with loans geared for specific purchases, like an auto loan or a home mortgage. These are examples of secured loans, because the assets in question are considered secured debt. In both cases, the car or home doubles as collateral for the lender in the event a borrower defaults on payment.
Credit card debt can be difficult to manage. The deeper one is in debt, the harder it can be to get out. Managing any kind of debt involves developing (and maintaining) good habits. Budgeting and minimizing spending are good places to start. However, these will only go so far. To potentially save money on debt repayments, the solution lies in obtaining a lower interest rate, which can be achieved through options like a credit card balance transfer or refinancing with a personal loan.
Using a personal loan to consolidate or refinance debt presents a great opportunity to save money on interest and get debt free faster. Yet many consumers aren’t quite sure how personal loans solve these problems, or how debt consolidation and refinancing work separately and together.
When credit card bills start piling up, consumers often experience the feeling of drowning in debt, with no end in sight due to high compounding interest rates. Aside from the stress of juggling multiple card balances, high credit card debt can also have a negative effect on your credit score, which can create even more financial hardship.
For many Americans of retirement age, debt is a big issue. On top of figuring out savings and income sources, tackling credit card debt going into retirement can be daunting too.
A balance transfer is a process that allows you to move debt from one high-interest credit card to another lower interest card. With a balance transfer, you could potentially save money on interest rates and make real progress against debt, even if you had trouble getting traction before.
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