Should I Move Credit Card Debt To A Personal Loan?
This is a question in the minds of many of our Invest Divas who can’t start investing because they are in debt and are wondering how to get out of debt to become debt-free.
If that’s you, then you’re in luck because my guest today is Beverly Harzog, a credit card junkie who is a nationally recognized personal finance and credit card expert for U.S. News & World Report.
She’s also the bestselling and award-winning author of five personal finance books. Before she became a credit card expert, she actually maxed out seven credit cards and racked up more than $20,000 worth of credit card debt, and she was able to get out of it in only 2 years.
That’s why there’s no one better than her to share the debt payment strategy that you can use for your personal credit repair because unlike Dave Ramsey (who I respect by all means) Beverly has actually been in this situation before.
This will be the first of a trilogy on credit cards and how to pay off debt, so make sure you’re subscribed to our channel.
If you have any questions about credit repair, how to improve credit score, and repair bad credit that you want Beverly to answer in the next episodes, make sure you leave a comment below and let us know…
and don’t forget to share this video with anyone you know who is under the burden of credit card debt and needs credit healing.
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What is a personal loan?
Personal loans give borrowers access to funds to use at their discretion and are typically unsecured, meaning they don’t require you to put down collateral to obtain the loan. This differs from auto loans, where you typically provide collateral — for example, your home or vehicle — that your lender can repossess if you don’t make your payments.
Should You Take A Personal Loan To Pay Credit Card Debt?
According to Beverly, this is a case-by-case possibility.
For example, if you have credit card debt but have an excellent credit score. In this case, you could consider moving your credit card debt to a personal loan.
In this case, you can move your credit card debt into a balance transfer credit card. Then you can spend anywhere between 12-20 more months to pay down that balance interest-free.
After you watch the video, go to the comment section and let me know if it makes sense for you to move your credit card debt to a personal loan.
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Disclaimer: I am NOT a financial advisor, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. I will NEVER ask you to send me money to trade for you. Please report any suspicious emails or fake social media profiles claiming to be me. Don’t invest money you can’t afford to lose. There are no guarantees or certainties in trading or investing.
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