Debt has consequences, not only for financial health but for physical and mental health too. Over 68% of Americans who have credit card debt stated it has negatively affected their happiness and standard of living. Most divorce attorneys agree that DEBT is the biggest common determinator in divorces.
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You can consolidate your credit card debt with a credit card consolidation loan, which is also known as a personal loan.
With a personal loan, you can consolidate your existing credit card debt into an unsecured personal loan that is typically repayable in 3-7 years. If you plan to repay your credit card debt in this time frame and can obtain a lower interest rate than your current credit card interest rate, a personal loan is a great strategy to save interest costs.
For example, let's assume that you have $10,000 of credit card debt at a 15% interest rate. If you can consolidate your credit card debt with a personal loan at a 7% interest rate and a 3-year repayment term, you will save $2,634 and pay off your credit card debt earlier.
Debt has consequences, not only for financial health but for physical and mental health too. Over 68% of Americans who have credit card debt stated it has negatively affected their happiness and standard of living. Most divorce attorneys agree that DEBT is the biggest common determinator in divorces.
