Credit card debt is a real problem. More than forty-one percent of people have credit card debt and it can be several thousand dollars. In fact, the average debt is close to six thousand dollars.
That being said, most people are looking for ways to get ahead of their debt. For many, this includes finding a loan that will allow them to consolidate all of their debt in one loan, with a lower interest rate.
Interested? If you are thinking about getting a loan for your credit card debt, here are some more loans that you might want to try.
Balance transfers. Many people believe that balance transfers are the best way to combine your debt and pay it off faster. To do this, you must apply for a zero percent interest balance transfer credit card.
You may be lucky enough to combine all of your credit cards into one new card. When you don't have to pay interest, you can really watch the balance get smaller every month. However, after the initial period, you could get hit with a high interest rate. For this reason, you should only do this if you can pay it off during the initial period.
Peer to peer loan. Some people have some success with peer to peer lending. Instead of going to the bank, they look online for a lending service. These loans don't always check your credit so, even if you were declined by your bank, you might be eligible for a loan online.
If you decide to take out a loan, it is important to find one that is going to improve your situation. You want to be able to pay off your debt sooner if you consolidate everything together and get a better interest rate.
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Attorney James C. Shields received his J.D. from Loyola Law School in 1985 and an M.B.A. in Finance from the University of California, Los Angeles in 1975. Attorney Shields also earned a B.A in Economics from California State University Dominguez Hills in 1973. He previously worked as an attorney at the Law Offices of Robert G. Winterbotham, and in 1998, he started his own law firm to emphasize on the practice areas of bankruptcy, wills and probate, estate planning and conservatorship, and traffic cases.
James C. Shields is a member of the State Bar of California, the State Bar of Arizona, and the State Bar of Oregon. He is also a longtime member of the American Bar Association, the National Association of Consumer Bankruptcy Attorneys, and the Los Angeles County Bar Association.