How Do I Consolidate My Debt and Loans?
Today we are going to explain the age old question of “how do I consolidate my debt?”
Everyone starts out with the best intentions of getting a new credit card and swearing they will pay the balance off in full each month. Then you decide you need a new car and take out a 6 year loan to keep your payments low, but you are going to pay extra right?
Then maybe you decide to take a nice vacation. All my friends are doing it right, why not have some fun.
If you have kids you want them to look sharp and of course all those clothing sales and they need to look good for school right? Maybe we should redo Johnny or Heathers room and get some new curtains and a comforter set to match.
Then all you need is a hospital bill or major dental work to get thrown into the mix and then your car has a breakdown and you decide to charge it. You need a car right?
OK you get the point. But this is the reality in our modern day of expenses and fast living. Before you know it you are overwhelmed with debt.
Today I am going to review some really cool new options on how to consolidate your debt in a peer to peer loan.
What Are My Best Options to Consolidate Debt into One Low Payment?
Use a 0% Balance Transfer Credit Card
OK, so everyone has heard of getting a low interest credit card with a balance transfer option. I would say this is good if you have less than $5000 of debt. You can have 2 or 3 of your loans or debt transferred and then send in $300 a month and have paid off by the time the pre approved intro credit card offer has expired.
The one problem and probably biggest negative to this is that most people do the transfer and end up paying a 3% balance transfer fee. By the way I will give you an option to get around this but read on. Then you will decide to charge something on that card. Guess what, it will charge interest on those purchases and you will end up racking up debt again.
If you are really disciplined and decide to just consolidate your debts onto one card and put it away and not use it an then just treat it like a loan and make monthly payments until it is paid off, it might be OK.
Two of the best credit cards to do this with are listed below.
Discover.com has always had a good 0% offer so you can visit there site but think they have a 3% fee on a balance transfer.
Chase Slate Credit Card has no fee on balance transfers and can be one of the best balance transfer credit cards to get.
So if you want to go this route I would suggest one of the two credit cards as options. But the next option I am going to talk about is the best.
Peer to Peer Consolidation Loans
This is an exciting new option in the finance world that many consumers do not even know exists.
A peer to peer loan is where you have individuals like you and me who want to earn a higher rate on their dollars. Instead of putting their money into a bank account at 1% interest, they would rather loan money to those who are in debt and would like to do things like consolidation loans to pay off their credit cards, loans and other debt.
Who Are The Best Peer to Peer Lenders Who Will Give You A Consolidation Loan to Pay Off Your Debts?
We have listed the top peer to peer lenders below. These all offer easy loan applications for debt consolidation and can give you a loan between $2000 and $35,000 with a good interest rate.
You can click on any of the links below to learn more an apply now for your loan.
The great thing about the peer to peer consolidation loans is there simple online application forms and they are funded by multiple individuals in short order. That means no long bank process to go through and you can actually have a check deposited in your account within a couple days.
They really are a great new financial product to utilize when trying to consolidate your loans, credit cards and other expenses into on payment at a good rate for all of your debts.