You Could Reduce Your Credit Card Interest Rate By 69% With This Three-Minute Move. Interested?
That credit card came out of your wallet way too easily, one too many times. For that outfit you just had to have. For the vacation that ballooned from a weekend getaway to a whirlwind week. For the furniture suite that took your house from drab to fab. Now the bill has come due, and suddenly your credit card debt has snowballed.
Once you fall behind, you can start to feel the crush of high-interest rates, month after month. Your payments aren’t even covering the price of purchases — they’re merely knocking a small amount off the interest. Paying off the balance? As you eyeball your bill you realize that’s not even in sight.
It might be time to consolidate and refinance your debt through an online marketplace like Credible. When you refinance existing debt, you agree to take out a totally new loan but one with new (and better) terms and, hopefully, a lower interest rate. The end result is that you lump all of your debt into a single large payment with one interest rate every month.
According to Experian, the average credit card balance in the United States is $6,354. It’s little wonder that a significant portion of that payment you send off every month ends up going toward interest: The Federal Reserve states that the average APR on a credit card balance is a whopping 16%. Yikes.
Credible offers personalized loans with interest rates starting as low as 4.99% – that’s 69% lower than the average credit card APR. Credible also lets you easily compare rates without going from one site to another in order to get the most up-to-date information.
Keep in mind that switching your credit card debt to an online marketplace like Credible works best if you have good credit scores, usually around 640 or higher. Snagging a lower interest rate. Paying off your credit card sooner. Going from feeling buried in debt to seeing light at the end of the tunnel. Imagine what an incredible feeling that will be.