I hope this doesn't come across as spam or anything, but I've worked at a credit union for over 8 years and thought this might help those with credit card debt they're trying to pay off. Not everyone is going to be able to do it, but for those that can, it could save thousands of dollars in interest.
The short and simple of it is to use vehicle equity to pay off your credit cards. So someone with $10K in CC debt @ 15% but owns their car free and clear or has a low amount left on their loan, they can transfer most, if not all, of their debt onto the car loan which should be a MUCH lower rate than the CC's. You don't OWE less, but you will pay less in the long run. At the credit union, a 680 or higher would get 2.7%. Heck, a 600 got you 6.5%. So if you've got decent credit, and you're looking for alternative ways of getting rid of the CC debt, Consider using that strategy. Hope this helps in some way. This is the link for the video I made about it.
The short and simple of it is to use vehicle equity to pay off your credit cards. So someone with $10K in CC debt @ 15% but owns their car free and clear or has a low amount left on their loan, they can transfer most, if not all, of their debt onto the car loan which should be a MUCH lower rate than the CC's. You don't OWE less, but you will pay less in the long run. At the credit union, a 680 or higher would get 2.7%. Heck, a 600 got you 6.5%. So if you've got decent credit, and you're looking for alternative ways of getting rid of the CC debt, Consider using that strategy. Hope this helps in some way. This is the link for the video I made about it.
Comment