Perhaps one of your goals for 2018 is to better manage your finances. You might have multiple debt sources and you’re looking to ease the burden and stress on your financial life. If so, consider consolidating your debt.
By consolidating your debt, you could potentially lower your monthly payments and interest rates, protect your credit score and get yourself out of debt faster.
Before committing to a debt consolidation option, make sure you understand exactly where you are with your debt. Make a list of all of your loans, interest rates and balances and use a debt consolidation calculator to determine what you owe. Also, check your credit score to get an idea of the type of rates you may qualify for. This will help determine which option best eases your financial burden.
Credit Card Balance Transfer
The simplest way to consolidate debt is to transfer your loan balances to a low rate credit card such as the Rivermark Platinum Visa. Some people are hesitant because of balance transfer fees, but Rivermark has none! Make sure your credit limit is large enough that you can successfully transfer your balances. If you can’t qualify for enough of a limit, consider a personal loan.
If you’re worried about spending and potentially adding on to your debt, take this credit card out of your wallet and lock it away so you won’t be tempted to use it.
A personal loan is a great option is your current debt balances are too high to transfer to a credit card. Oftentimes, the interest is lower than you would pay with a credit card.
A Rivermark personal loan makes it easy to make and track payments online, and see the progress you have made paying down the card.
If you are a home owner, and you’ve built up enough equity in your home, you can borrow against the equity in your home to pay off your debt. Rivermark offers a fixed rate loan option or a line of credit. If you choose the home equity option, be sure you won’t default as you could face foreclosure.
Remember, consolidating your loans isn’t a silver bullet to fix all financial problems. You need to make sure you are committed to not adding on to your debt before working to pay down.
If you need free financial counseling, online coaching or debt management advice, our partners at Balance can help. Give them a call at 888.456.2227 Mon-Thurs 5AM-8PM PST, Fri 5AM-5PM PST and Sat 8AM-5PM PST.