Having debt is not necessarily a problem. Spending within your means is the behavior you want to foster. Saying no to purchases you can’t afford is a hard choice, but with such hard choices brings freedom, financial freedom.

We provided statistics that show half of Americans with credit cards (100 million) use credit cards as a convenience tool. They make purchases every month and pay the full balance off each month when the balance is due. This infers they have a plan to only buy what they can pay for when the bill come due.

Of the 100 million Americans who carry a credit card balance, 25% (or 25 million) carry a balance of $20,000 or more. If the person no longer used that credit card and paid $1,000 per month on a $20,000 balance, it would take them 26 months to retire the debt which includes about $5,210 in credit card interest.

Now, assuming they qualify and can pay that loan off with a 24-month personal consolidation loan at 8.25% interest, they would pay $907 per month. At the end of the loan, they would have paid $1,764 in interest, not the $5,210 in credit card interest.

Assuming they modified their spending behavior, they would have $1,000 each month to relocate to other things like creating a rainy-day fund (which is simply saving money for a future unforeseen event).

In the end, that person would join the half of Americans who are not burdened by credit card debt. They will feel a sense of financial freedom they did not feel before.

What to Do?

• We can help. See if you qualify for a debt consolidation loan that suits you like a Personal Loan or UnLOCk loan.
• Modify you spending based on your monthly income by putting a budget plan in place.
  -Necessary expenses like food, auto expense, housing, utilities ,etc.
  -Discretionary spending like clothing, entertainment, luxury purchases, travel, etc.
  -Revolving debt reduction like paying off your credit card and other high interest loans by consolidating these debts via a lower interest rate loan.
• Set a realistic plan with a specific end date for eliminating your revolving debt and be determined to stay within your budget.
• Continue exercising the behavior of restraint, deciding to consider every purchase and how it affects your monthly budget.
• If you pay off your credit card with a consolidation loan or as soon as practical, commit some leftover monthly income to a rainy-day fund by
  opening a seperate Share account. We can even have funds automatically transferred into that Share account.
• Enjoy your newfound financial freedom. You've earned it.

Our Advice

Personal finances are an integral part of everyone’s quality of life. If you are eligible, we have financing options to help you consolidate your revolving debt.

Whatever your financial need, we're here to help