Start Consolidating and eliminating credit card debt

Consolidating and eliminating credit card debt

US household credit card debt among indebted households.

But dealing with credit card debt can be tough to manage on your own, especially if you owe a lot of money to a lot of different credit card companies.

It’s intimidating, and it can feel like there’s no way out.

This is an all-too common scenario, but it doesn’t have to be. This article will serve as a comprehensive guide for getting out of credit card debt.

There are several steps you should take to get out of credit card debt.

Paying off credit card debt that’s several thousand dollars or more takes time, so you must discipline yourself.

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.

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).