Have Credit Card Debt?
This can save you thousands of dollars very quickly from your debt allowing you to get debt free much faster than almost any other way. At least this is how I was able to get debt free in under a year. Since then I have no more debt stress and my credit score couldn’t look better!
That is why I want to help you by providing you with the top proven ways to get financially free, get off that financial treadmill, and eliminate that mountain of debt holding you back.
These steps helped me pay off about $31K in credit card, auto loans, and medical debt in about 18 months while still spending on the things I enjoyed most.
High-Interest Elimination Method
The first step you must take to being debt free is to eliminate as much as you can high interest debt. Credit cards are especially difficult to pay off because they have 2 characteristics that make it feel like you’re on a treadmill not being able to pay off your credit card debt.
The first characteristic is most credit cards have “Variable” interest rates which means that they can go up.
The second characteristic is that they are high-interest rates very likely around 20% a year.
A simple example is if you owe $10,000, which one would you rather have?
A) $10,000 debt at 20% Interest Rate is about $2,000 Interest rate cost per year.
B) $10,000 debt at 5% Interest Rate is about $500 Interest rate cost per year.
The answer is simple, Option B would allow you to pay off your debt faster and easier!
The first step is to eliminate High-Interest debt as much as possible by using a payoff loan to pay off your credit cards leaving you with only the low-interest rate which would save you thousands every year!
Below you can find 3 of the top debt payoff loans to reduce the interest rate and pay off your credit cards faster:
1. Sofi Pay Off Loan
This is our top loan to eliminate high-interest debt and replace it with lower-interest debt. Why is the SOFI Loan great?
- Well, many loans have hidden fees, SOFI Personal loan has no hidden fees, late fees, or insufficient fund fees. Or overall fees.
- They also offer from $5k to $100K, so if you have a lot of debt you can lower the interest rate for all your debt.
- They even have something called Unemployment Protection, which means that if you for any reason would lose your job, they can temporarily modify the payments to help you out.
- They also have percentage decreases for certain actions, if you want to pay off credit card debt they give you a 0.25% decrease, if you send the personal loans fund directly to pay off the credit cards, they give you another 0.25% decrease if you set automatic payments they give you other decreases and there might be a few other rate decreases we have not discovered yet.
- Also checking rates does not hurt your credit.
- But also the rates are some of the lowest we’ve seen, depending on your credit.
Click here to find your SOFI Payoff Loan rate To Eliminate Your High-interest Debt!
2. HappyMoney Pay Off Loan
HappyMoney has a great loan to eliminate your high-interest debt and that’s all they do.
They help people save thousands of dollars/year and help them get debt free.
Here are a few reasons why they’re great:
- Rates as low as 5.99% APR
- They help you create a debt free plan and save thousands by having a lower interest-rate.
- They don’t have hidden fees which is always great!
- Has been ranked by Forbes by one of the best Loans in 2022.
- Fast & easy application that doesn’t hurt your credit to check your rate.
- Loans up to $40K, which is definitely a good amount.
Click here to check your HappyMoney Payoff Loan rate and see how much you can save!
3. SuperMoney – Personal Loans
SuperMoney is our third top way to eliminate high-interest credit card debt to help you pay off your debt quicker. Why?
- With a single form fill-out, they can help you compare and find the top lender that will give you the best loan to reduce your high-interest credit card debt.
- They also offer loans up to $100K
- Rates are as low as 5.49% APR, although is better to check on their website because this rate can change. But, the point is that rates can be pretty low.
- Also checking rates does not hurt your credit as well.
Click here to check your rate with SuperMoney and see how much you can save!
Bonus – Balance Transfer for 0%
A balance transfer credit card can definitely be a great option if you can get approved. Depending on the amount of debt you have, sometimes it can be a bit difficult to get another credit card to give you a 0% interest rate for a year or longer.
If I was in your position, I would definitely at least try since a 0% interest rate can save you a huge amount of money over that year or longer. Here are the top Balance transfer Credit cards for 2022.
Some of these credit cards give you 21 months or longer of 0% interest rates. Almost 2 years of 0% interest rate.
Even if you can only get a portion of your debt transferred over to this new credit card with a 0% interest rate that still helps a ton when paying off debt.
If you can get one of these credit cards with 0% interest rates and the rest of the debt you pay it off with a personal loan, you will save yourself very likely thousands of dollars and pay off your debt much quicker than any other way.
Click here to find the best balance transfer credit card for you and check your rate to save thousands!
Debt Elimination Freedom Plan
What really helped me pay off my debt quickly, is seeing a complete plan of my debt getting paid off and knowing exactly what I had to do in order to pay off my debt. It got me to focus 100% on achieving this goal and made it simple to know if I was on track or not to pay off my debt.
That is why we created a simple Debt Elimination Freedom Plan for you! All you have to do is fill out a few information in this sheet and the rest will be done automatically. Click here to get it.
Once you fill out the 5 steps you will be able to clearly see how long it will take and how much you need to pay in order to be debt-free. Make sure you make a copy and make sure you complete the steps, it shouldn’t take long. But either way, it can be one of the things that help you the most to become debt-free.
Step 3. Getting Out Of Debt Option
If you are really in a tough place with your debt and you see it very difficult to be able to get out. I will let you know of an option that can definitely help you get out of your debt. But this is the last option when you absolutely cannot figure out another way to get out of debt at all.
When I was in debt I looked into this option since for a point I was finding it very difficult to pay off my debt. I want to share the good and bad of this option. I ended up not going with this “Get out of debt” option because they do have a few setbacks that I will let you know about.
Debt Relief Option
The first option I want to share with you is a debt relief option. I looked into a ton of debt relief services when I was deep into debt. And the service provider I found that looked about the best was one called CuraDebt. CuraDebt is a company that helps you negotiate with credit card companies and do debt settlements and they have been around for years helping people.
Every creditor is different but they all have an amount that they would accept, many times through debt settlement you can end up saving about 55% or more on your debt. Which is great, the bad part is that it can hurt your credit pretty severely for a few years.
But if your credit is already very hurt and you can’t figure out how to pay for this debt.