credit card debt

Should You Use Personal Loans To Pay Off Credit Card Debt?

What’s the best way to eliminate credit card debt?

I recently used Lending Club to secure a small personal loan to pay off some debt. I purposely made this decision because the interest rate I received (10.99%) was significantly less than the interest rate of my original debt (24.74%).

Although the decision was intentional, I admit I could have done more research upfront to compare rates, review lenders, and confirm there was no other, more viable, option.

No regrets. 

Read moreShould You Use Personal Loans To Pay Off Credit Card Debt?

7 Questions You Must Answer Before You Can Eliminate Credit Card Debt

Yesterday I read a post from NerdWallet’s 2017 American Household Credit Card Debt Study stating that the average American household with credit card debt has a balance of approximately $15,432.

Indebted households pay hundreds in interest each year, and many Americans use credit cards to cover medical expenses.

I am sensitive about my credit card debt because not all of it belongs to me; but as the cardholder, I understand that I am responsible for it.

Since this January 2018, I’ve paid off about $10,000!

If I continue to be successful, this December 2018 I hope to report that I’m completely credit card debt free. Hold me accountable!

I’m learning as much as I can about personal finance, money management, and investing.

If you’re finally able to pay down unwanted debt, please answer these questions first. 

Read more7 Questions You Must Answer Before You Can Eliminate Credit Card Debt

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