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: [ Ссылка ])
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 [ Ссылка ] (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: [ Ссылка ]
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.
[ Ссылка ]
Repair Your Credit here: [ Ссылка ]
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:
[ Ссылка ]
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