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Consolidate Your Credit Cards to a Low, Fixed Rate

Credit cards have variable rates and interest compounds – which means you may be paying interest on your interest. If you’re only making the minimum payment, your balance will likely grow over time and you’ll make no progress towards paying down the balance.

Personal loans, on the other hand, offer low, fixed rates with fixed terms, so you’ll know the exact date your debt will be paid off. By consolidating your debt with a personal loan from Credible, you can pay off your debt faster and more efficiently.

Credible is an online tool that will present you with multiple loan options to consolidate your credit card debt. They’ll ask you a few questions about your finances and search their network of lenders to find you the lowest rates with the best terms.

Credible’s lending partners offer loans as small as $600 and as large as $200,000, so there’s something for everyone regardless of where they stand with their debt repayment. Plus, it’s free. There’s no obligation to see what you qualify for, and it only takes 2 minutes to get started.

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Take advantage of your home equity

If you're a homeowner and you've been in the same house for a few years, there's a good chance you have built up equity. If you opt for a cash-out refinance with Rocket Mortgage, you can access that equity and use it to pay off credit cards or any other debt.

A cash-out refinance is a type of mortgage refinancing that allows you to replace your mortgage with a new loan. The money you receive pays off your original mortgage, and you will pocket the difference. That lump sum of cash can then be used to pay down your debt.

All you need to do is provide Rocket Mortgage with some information about your home, current mortgage, income and credit profile, and they’ll provide you with rate options tailored to your needs.

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Explore Debt Relief

If you have tried the above options and the weight of your debt is overbearing, then it may be time to consider additional debt consolidation options.

Accredited Debt Relief, for example, has helped 300,000+ clients resolve more than $2 billion of debt. With over 12 years of experience, Accredited Debt Relief will match you with one of their trained specialists, review your financial situation and present you with options that best meet your needs.

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Give Every Dollar a Purpose

Most of us don’t rack up credit card debt on purpose. Instead, it’s a series of unexpected expenses that quickly arise to an amount that slightly exceeds our income. That’s where You Need a Budget (YNAB) can help.

YNAB is a sleek budgeting app that can help you organize your finances, save for upcoming expenses and create a plan for your money. On average, new users save $600 by the second month of using YNAB and $6,000 in the first year.

Having a budget is one of the most back-to-basics methods for managing your money. When you track your spending and set goals with YNAB, you can tackle your spending and saving all in one convenient place and monitor the progress of your debt repayment.

With features like spending reports, split transactions and even loan calculators, YNAB helps you be intentional with your money so you can crush your debt faster.

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Em Norton Staff Writer

Em Norton is a Staff Writer for Moneywise. Em holds a B.A. in Professional Writing from York University and has been writing professionally since 2019. Em's work has previously been published by Room Magazine, IN Magazine, Our Canada and more.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.