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Consolidate Debt Using Personal Loans

Pay down high interest credit card or student loan debt with a personal loan.

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Consolidate Your Monthly Debt Payments

High-interest debt can make it difficult to do everything you want to in life. Instead of growing your hobby into a business, you must spend hundreds of dollars each month making payments to your credit cards, medical bills, or car loan. This is money you’re paying towards your past instead of using it to build your future.

Whether you’re juggling credit card balances or working to pay off your student loans, these monthly payments can add up and if you only make the minimum monthly payment, you’ll have to manage those payments for years. Thankfully, it doesn’t have to be that way.

What is debt consolidation

Debt consolidation is when you pay off multiple credit cards, bills, or other debt with a single large loan. Not only will this reduce the number of payments you must make each month, but it can save you money by paying off high-interest credit cards. Some of the most common methods of debt consolidation include:

  • Refinancing Your Mortgage
  • Transferring everything to a new credit card
  • Taking out a personal loan
Refinancing Your Mortgage

If you own your home, one way to consolidate debt is through something known as a cash-out refinance. When you remortgage your home, you’ll sell some of what you own back to the bank in exchange for a lump sum of cash you can use to pay off your high-interest debt. Doing this will reset your mortgage payoff date to either 15 or 30 years, but could offer you a competitive interest rate.

Transfer To A New Credit Card

If you have excellent credit, you might get approved for a new credit card with a promotional 0% interest rate. Depending on your spending limit on your new card, you could transfer all or a portion of your high-interest debt to the new card. During the promotional period, every dollar you pay off comes straight from what you owe. However, if you don’t pay off your balance before the introductory period, you’ll start getting charged interest on whatever your remaining balance is.

Personal Loans

With a personal loan from one of the online loan providers offered in our marketplace, you use the cash you borrow to pay off your credit cards and other debt. This can reduce your monthly debt payments to just a single bill, which can make budgeting easier. Personal loans generally offer lower interest rates than credit cards, which can save you a lot in additional payments.

Personal Loans Give You An Option

One advantage that personal loans have over credit cards or student debt is that they offer fixed rates on shorter terms. If you have just $5,000 in credit card debt and only make the minimum payments, it can take you up to 11 years to pay back depending on your interest rate. Personal loans can be for up to seven years, but most are for between three to five years.

Because of their shorter term and fixed rates, a personal loan can help you pay off debt sooner. This could mean a slightly higher per-month cost, or one that’s similar to your higher-interest credit cards, but the benefits might make it an option you consider.

One Monthly Payment

One of the best benefits for many borrowers is that now they have a single payment to manage. Trying to budget around multiple due dates is difficult and risks costly overdraft or late-payment fees if your paychecks don’t line up. A consolidation loan means that you only have one due date to budget for, making it easier to set money aside.

Reduce Interest Paid

In general, personal loans have equal or better interest rates than credit cards, with fixed rates, meaning you won’t have to worry about them increasing, no matter what happens in the economy. This means that more of your monthly payments go toward your balance and not to fees.

The shorter term of a personal loan also helps you save on interest, since this translates into fewer payments, and less time for the bank to charge interest to your account.

Get Debt Free Sooner

Once you pay off your other debt with a personal loan, you just have that last bill to pay off before you could be debt free. Of course, paying off old debt is just part of the battle. Once you zero out your card balance, you need to keep it that way.

Personal loan consolidation is most effective when used as the last step in your path to going debt free. Transferring your debt and then going out and putting new purchases on your cards will leave you back where you started, juggling multiple due date. Only this time, you’ll have your personal loan as well.

With a little planning, and a balanced budget, however, personal loans offer a fast, fixed-rate way to taking control of your finances. Fill out our quick inquiry to learn more about your options.

 

J.G. Wentworth does not provide legal, tax or financial advice. Please contact independent professionals for those services.

J.G. Wentworth is a marketing lead generator providing a free administrative service. Residents of some states may not be eligible for this service. J.G. Wentworth is not a lender, loan originator, loan processor, loan broker, underwriter, or agent for any lender or loan broker advertising on this site. This service does not constitute an offer or solicitation for loan products. We do not endorse or charge you for any service or product. You are under no obligation to use this service to initiate contact with any company, apply for credit or any loan product, or accept a loan. J.G. Wentworth does not advise, aid, or assist borrowers in obtaining loans, offer or negotiate terms of loans, or make loans or credit decisions in connection with loans. J.G. Wentworth does not take applications for credit or issue pre-approval letters. Any request for quotes or pre-approval is not an application for credit. You should rely on your own judgment or consult with an independent advisor when deciding which available loan product, terms, and lender best suits your personal situation. J.G. Wentworth does not provide legal, tax, or investment advice.

Crowdnetic Corporation and Crowdnetic Corporation d/b/a FinMkt and any lender you choose are solely responsible for their services to you, and J.G. Wentworth shall not be liable for any damages or costs of any type arising out of, or in any way connected with, your use of such services. J.G. Wentworth does not guarantee that specific loan terms and conditions offered to you will be granted, or that you will be offered any type of loan. The actual amount of the loan that you qualify for is decided by the company providing the loan and may vary based on credit determination and state law. See the lender’s website or contact the lender directly for additional terms and conditions.

Offers provided to customers feature rate quotes of no greater than 35.99% APR with terms from 24 Months to 60 months. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.

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