Consolidating my credit card debt


04-Mar-2017 21:27

P2P Credit's interest rates start at 6.38% - and P2P Credit specializes in debt consolidation loans.You don't have to have perfect credit (P2P loans are even available for people with bad credit) and applying for a loan is easy.(That way, you can get away from the high interest rates and reduce your monthly payments to just a single payment on just the one personal loan.) P2offers loans of all types - so, you can even avoid the credit card trap altogether and finance just about anything you'd normally put on a credit card.But the really fun part about P2P Credit is that it's not a credit card company - the money for all of the loans comes from individual investors (real people!The total credit card debt is about 0 billion, and the average borrower balance (for those with credit card debt) is ,400.However, credit card debt isn’t the only type of debt.

Is your debt helping you increase your overall financial well-being?If you're not in debt - or if your debt is at a very low introductory or promotional interest rate - there is NO reason to consolidate your debt into a loan.(The advantage comes from the lower interest rate.) However, if you are carrying credit card balances at high interest rates, it makes sense to consolidate as much of your credit card debt as possible into a personal loan.However, if you are building up a lot of personal debt, including credit card debt, then most likely you are either in a financial hardship, or mismanaging your finances.

Instead of building equity, you are paying lots of interest to service your debt.Since you have a credit card, the chance that you carry a balance is fairly high - and so is the chance that the interest rate on your credit cards is fairly high, too.So, how can you avoid paying such high interest rates to the credit card companies whom you owe?) who have decided to invest small amounts of their own money into each loan (a process called P2P lending).



Unsecured loans are more common, but you can use a secured loan for unsecured debt, such as a home equity loan used for credit card debt consolidation. Secured debt. By taking out a new loan and leaving consolidated accounts open but unused, you will have more total credit available. This results in a lower credit.… continue reading »


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Debt and bill consolidation takes patience, persistence and some organizational skills. You must start by gathering all your bills for things like medical, credit card, utilities, cell phones. Add the total amount owed on the unsecured debt. The next step is to determine how much.… continue reading »


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However, consolidating balances to one credit card or using a loan can be risky because, if you need to borrow additional money, it may be tempting to use one of the accounts with a zero balance. Then the debt. Do this as soon as possible to see how consolidated debt can help relieve the burden of financial stresses.… continue reading »


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Consolidate debt one step at a time. First, make a list of your loan and credit card balances, with the interest rate and monthly payment for each. Consider your consolidation options – both secured and unsecured • Unsecured loans allow you to use your good credit to consolidate multiple debts into a single loan with one.… continue reading »


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Nov 29, 2016. Debt consolidation, like all the other debt relief strategies, will have an effect on your finances. No matter what you choose, going through the process of paying off debt will change your financial position forever. Let's talk about how to consolidate credit card debt without hurting your credit score. One of the.… continue reading »


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