Using A Personal Loan to Pay Off Credit Card Debt? A Bad Idea, Or What?



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
DisAdvantages:
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.
https://mymortgagebroker.com/get-your-credit-score

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:

https://mymortgagebroker.com/loan-application

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