Is it a good idea using a personal loan to pay off credit card debt?
I’m Steven Crews with MyMortgageBroker.com and Paragon Mortgage and I provide tips, options, programs and financing strategies for Canadian Home Buyers and Home Owners.
In this video I discuss the choices and options you have regarding a consolidation loan. Advantages:
1. Interest rate is typically lower that credit card rates
2. You are making just one payment instead of many
3. You will have a set period of time and the debt is paid in full
1. Some credit cards offer low interest rates (lower than personal loans)
2. Are you changing your habits by taking a consolidation loan.
(Budgeting Sucks video: https://youtu.be/s2Ssr3-JigM)
3. Paying minimum payments, you will never pay off the credit cards.
There are 2 strategies that you can use to pay off your debt faster:
1. Snowball Method (lowest payment first)
2. Avalanche Method (lowest rate first)
Connect with me at https://mymortgagebroker.com/about-us/ (ask for the debt repayment spreadsheet and I can send it to you)
To pay off your debt faster, create a plan:
1. Look at your current spending. Track everything you spend for 1 to 3 months.
2. Analyze your Active & Passive expenses
3. Check to see if you are spending more than you make.
Apply for a personal loan: https://mymortgagebroker.com/loan
Check Your Credit. If you aren’t sure about your credit rating and don’t want to speak with a broker or your banker yet, you can check it yourself.
Repair Your Credit here: https://mymortgagebroker.com/debt-rehab
If you have some issues from the past, it’s important to improve your credit so that you can qualify to purchase a home and also qualify for lower interest rates when you apply for loans.
Don’t need a mortgage? Looking for a loan instead? Visit this website:
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