Consolidating and eliminating credit card debt

14 Sep

With a personal loan (also called a debt consolidation loan), you borrow a fixed amount of money for a specified period of time (usually 3-7 years).The loan can be used to eliminate existing credit card debt, leaving only the personal loan to be repaid.Interest savings When you obtain a personal loan to eliminate credit card debt, you can reduce the interest rate on your debt.If your existing credit card debt carries an 18% interest rate, and your personal loan offers a rate of 8%, you immediately realize a 10% interest rate reduction.And it can make it hard to save for college, retirement, or things you want to buy in the future.

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Too much credit card debt may prevent you from qualifying for a mortgage, from getting an apartment rental, or from securing a car loan.

Credit card debt is a slippery slope, and it’s easier than it should be to get caught up in late fees, interest rates, and mounting bills.

Before you know it, what felt like perfectly reasonable purchases turn into looming debts.

We offer free credit counseling and low-cost debt elimination services that can help you lower credit card debt, pay off unsecured loans, and get out of debt once and for all.

Our highly trained credit counselors work with you to get a complete picture of your financial situation and lay out all the options available to you for credit card debt elimination.