Consolidating your debt
Let’s say you have $15,000 in credit card debt and your card has a 17.99% interest rate/17.99% APR, and you are making the minimum monthly payment.* You recently checked out your debt consolidation options and qualify for a 36-month personal loan with a 12.5% interest rate/15.742% APR.
You also expressly consent to having Quicken Loans, our Family of Companies, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry.
The flexible repayment terms lenders offer allow you to customize your amount and rate to accommodate your financial goals.
If your objective is to lower your monthly payment, you could consider consolidating your existing personal loan to a 60-month term personal loan.
Revolving debt is the form of debt that many credit cards use.
You’re given a limit, and you can utilize as much or as little of the credit line as you wish, without paying a set amount or making a pre-defined number of payments.
Most consumer credit cards are categorized as revolving credit, and the amount you use has a considerable effect on your utilization ratio and credit score.