skip to content »

www.risomusoreh.ru

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.

consolidating your debt-51

By paying off your debt with a personal loan and moving your balance to an installment loan, you could see an increase in your score and the payment plan could help you get out of debt for good (and save in lifetime interest).2017 Servicing based on 7,374 total responses and measures the opinions of homeowners on their mortgage servicing company, surveyed in March – April 2017. Debt consolidation is just one strategy you can use to help with your finances.Essentially, it’s a way to pay off one or more lines of credit in exchange for a loan that’s better suited to complement your financial goals.There are various personal incentives that make consolidating with a personal loan an attractive option to explore. Paying off your credit card balances with a personal loan could help you save on interest, increase your credit score and change your debt from revolving to installment debt, among other benefits.By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy.

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.