How to Pay Off Credit Card Debt Fast and Save Money

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FreeLoan100k
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How to Pay Off Credit Card Debt Fast and Save Money

Postby FreeLoan100k » Fri Sep 13, 2019 1:38 am

Are you carrying a painfully large balance on your credit card? Are you finding it
difficult to make payments every month?

If so, you are certainly not alone. Data from the Federal Reserve shows that more than
40% of the households in the country have credit card debt. The amount of debt carried
by the average household is $9,333.

The problem with credit card debt is that it grows faster than any other kind of debt, thanks
to the astronomical interest rates. If you make the mistake of paying only the minimum
every month, like many people do, you can get sucked into a long-term debt trap.


Here are some proven and legitimate ways in which you can consolidate your credit card debt
and pay it off quickly..


A.) Balance Transfer:

If the outstanding balance on your credit card has grown too large for you to manage, you
can get it transferred to a new card with a lower interest rate. There are several advantages
in doing so.

* If you have two or three credit cards, you can transfer the entire balance to a new card
and avoid making multiple monthly payments.

* The lower interest rate allows you to save a significant amount of money in the long run.
* Most importantly, balance transfer cards usually have an introductory offer wherein you
will not be charged any interest on the outstanding balance.
* The 0% APR period can be anywhere from 12 to 18 months. By paying off the bulk of your
outstanding balance during this period, you can save a ton of money.


The downside is that you might have to pay a balance transfer fee, usually a small percentage
of your total outstanding balance.


B.) Personal Loans:

* If you are looking to pay off your credit card debt in full, getting a personal loan might be
the best option for you.

* You can use the proceeds from the loan to pay off your outstanding balance and then repay the loan
over a period of time, anywhere from 12 to 60 months.

* The rate of interest on a personal loan is typically much lower than what your credit card
provider charges you, which allows you to save a lot of money.

* It should be noted that in order to qualify for a low-interest personal loan you need to have a good
credit score — 700 and above. Also, the monthly payments might be larger than the minimum payments
on your credit card, so you need to adjust your monthly budget accordingly.


C.) Cash Value Insurance:

* If you have a whole life or universal life insurance policy which has accumulated a
significant amount of cash value, you can use it to pay off your credit card debt.

* You can make a withdrawal or get a cash value loan from your insurer. The rate of
interest on a cash value loan is much lower compared to the rate of interest on a
personal loan since you are borrowing against your own money.

* It’s necessary to repay the cash value loan in a timely manner. Otherwise, your
insurer will deduct the outstanding balance (principal amount, interest payments,
and penalties, if any) from your policy’s death benefit.


D.) Home Equity Loan:

* If you are a homeowner, you have the option of getting a home equity loan which allows
you to borrow against the built-up equity in your home to pay off your credit card debt.

* The advantage of a home equity loan is that the rate of interest is much lower compared to
a personal loan or a balance transfer credit card.

* The downside of getting a home equity loan is that you have to put your house on the line,
which can be risky. If you are unable to repay the loan for any reason you could
lose your home.


E.) Cash-back Auto Refinance Loan:

* It is similar to a home equity loan, except the fact that you are borrowing against
the built-up equity in your vehicle.

* The interest rate on auto refinance loans is generally lower than other types of loans, since
your vehicle is used as collateral. The downside, as you can guess, is that you risk
losing your vehicle if you are unable to pay back the loan.


F.) Debt Management Program:

* If you are overwhelmed with debt and unable to figure out a way out it might be time
to seek the help of a debt management company.

* They can negotiate with your credit card provider and other lenders on your behalf, reduce
the interest rate to the extent possible, and draw up a repayment plan with favorable
terms and conditions.

* The biggest advantage of a debt management program is that the interest rate is reduced
significantly, which allows you to pay off your debts quickly and save a lot of money
in the process.

* The downside is that your credit card accounts will be closed during the course of the
repayment period, effectively denying you any access to credit.


G.) Borrowing Money:

* If you have a family member or a friend who is financially stable and is willing to
lend you money, you can use it to pay off the outstanding balance on your credit card.

* The advantage of borrowing from a family member or friend is that you do not need any
collateral or security. The downside is that it can affect your relationship, especially
if there is a delay in repaying the loan.


H.) Retirement Account Loan:

* If the aforementioned options are not available to you, you can borrow from your 401(k) account.

* You are allowed to borrow up to 50% of the amount in your account or $50,000, whichever is lesser.
The interest rate on a 401(k) loan is much lower than a personal loan and it does not have any
adverse impact on your credit score.

* Borrowing from your retirement account is generally not a prudent idea, however, as it can mess
up your retirement planning and you might have to pay significant penalties.

* Consider this option only if the other strategies mentioned here do not work for you.





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