Credit card debt can snowball quickly.
Once you fall behind, you may find yourself getting crushed by interest rates north of 20%. You’ll never catch up that way. You’re spending so much on interest, you’ll never pay off your balances.
If you’re financially treading water like this, it might be worth consolidating and refinancing your debt.
By refinancing an existing loan, you’re taking out a totally new loan, which comes with new terms and (ideally) a lower interest rate. By consolidating your existing loans, you lump all your debt into one big payment, so you’re only making one payment and dealing with one interest rate per month.
Not sure where to start?
Credible is an online marketplace that offers consumers personalized loan offers. It’s best for borrowers who have good credit scores (think: around 640 or higher), and it lets you quickly compare rates without visiting a bunch of sites.
Rates start at 4.99%*, and you can check yours by entering a loan amount here (up to $100,000) and comparing your personalized options in less than two minutes.
*Rates accurate as of 5/2/19.