Robert Palumbo • Sep 24, 2015
Can’t get rid of a pesky lingering credit card balance? Having a dedicated debt payment plan certainly helps… but sometimes you have to address your debt issues at the source. Did you know that, at an average interest rate of 20%, credit cards are among the costliest loans out there? What if you could switch your debt to a different type of loan, with a much lower interest rate?
DID YOU KNOW: Credit cards are a type of “revolving credit”, meaning they don’t have an amortized pay-off schedule. That means the debt can stick around forever – and you are charged a much higher rate of interest.
Term loans are fixed both in terms of monthly payments and length of loan. You always know how much you are going to pay and when the debt will be completely paid off. You’ll have slightly higher monthly payments, but it will lead to huge cost savings over time.
If you’re carrying credit card debt and it’s got you down, do some research on the options that are available to you to reduce both the interest charges and the ‘time to debt-free.’ Companies like Borrowell were established to help you reduce your credit card debt and get you to that amazing debt-free feeling.
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