Most people can barely afford to make their minimum payment right now, which means they’re racking up compound interest that’s going to get out of hand if left unchecked.
Fortunately, there’s a way to pay off your credit card bill sooner and avoid drowning in interest: by consolidating your debt with the help of a free service called Credible.
Freedom from debt, faster
With a personal debt consolidation loan, you’ll be able to trade in all of your existing debts for one monthly payment at a lower interest rate.
Credible lets you comparison-shop for the best interest rates available with just a few clicks of your mouse, and in two minutes you’ll see all the lenders willing to help you pay off your debt quickly.
You can borrow up to $100,000 (with no collateral) at interest rates as low as 8.99% fixed APR (with autopay)See Terms* -a repayment schedule ranging from 24 to 84 months.
Depending on how much interest you pay on your credit cards, consolidating your debt could immediately lower your monthly payment and save you thousands of dollars over the course of your loan.
For example, let’s say you owe $10,000 on a credit card with an interest rate of 16%. And let’s say your minimum monthly payment is 4% of your outstanding debt.
Since your credit is good, you qualify for a 48-month debt consolidation loan at 7% interest.
Here’s what you’ll save:
| Account Type | Amount of Debt | Interest Rate | Monthly Payment |
|---|---|---|---|
| Original Debt | $10,000 | 16% | $400 (decreasing over time) |
| Consolidated Debt | $10,000 | 7% | $239.46 (fixed) |
Not only will you spend far less on your initial monthly payments, but you’ll also save $3,402.22 in interest over the course of your loan.
Plus you’ll be debt-free more than 8 years sooner than if you had continued on making the minimum monthly payment on your current credit card debt.
That’s a huge difference, and the money saved may go on to help you through these difficult times.
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.
Learn MoreA simple way to break the cycle
Things are nerve-wracking enough as it is right now without having to worry about mounting credit card interest.
Taking out a personal debt consolidation loan is a simple way to lower your monthly payment and free yourself from debt sooner.
Even if you're just curious about your options, checking rates on Credible is a smart idea. It’s totally free, it won't hurt your credit score, and it could save you a bundle.
This 2 minute move could knock $500/year off your car insurance in 2025
OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.
You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results. Find offers as low as $29 a month.
