Debt is at an all-time high in America, whether we're talking personal loans, mortgages, credit cards...it's all in the red.
People are tearing their hair out over scorching credit card interest rates (the average rate is approximately 17%), payday loans — which, practically speaking, have astronomical rates — and even hospital debt.
With so many different ways to be indebted, tracking all the bill payments is enough to make your head spin. It's even tougher to watch interest rates dump more debt onto the pile.
If debt's dumping on you, it's time to take action and get yourself back in the green.
A debt consolidation loan through Fiona might help you get back on track.
Fiona accesses a database of online lenders, and shows you the best options for easy consolidation. You can get matched with a loan of up to $100,000 in a matter of seconds (dependent on your credit score of course) with a single fixed interest rate as low as 3.84%.
So why debt consolidation?
Let’s say you have $12,000 in debt.
- $5,000 on a store credit card with 22% APR.
- $2,000 on a cash-back credit card with 16% APR.
- $4,000 for an outstanding student loan at 7.5%.
- $1,000 in hospital bills.
That means you have four different payment schedules and four different interest rates.
If you took three years to pay each off you'd be saddled with $2,884 in interest.
Say with Fiona you qualified for a $12,000 debt consolidation loan at 6.89%. You would pay off your bills immediately, have only one recurring payment , and pay just $1,317 in interest over three years. That’s savings of over $1,500.
Plus, instead of juggling four payment plans, you'll only have one to worry about.
Even if you just want to see some estimates, checking rates on Fiona won't hurt your credit score — and can help you save on interest payments.