Are you an average American? If you’re carrying about $8,000 in credit card debt and only paying the monthly minimum, don’t feel alone. Because you’re not. You’re a typical American in today’s world. And, by the way, there are a lot of people carrying twice that amount. (So don’t feel too bad).
If you’re paying a high interest rate on that debt, anything above 15%, you could be in for some serious long-term difficulty if you don’t start paying it down fast.
People get into debt for many reasons – home improvement and remodeling, unexpected expenses, medical bills, weddings, vacations and, of course, unwieldy spending. It happens to many of us. And who doesn’t love a new handbag, spa day, flat screen TV or that new set of golf clubs?
If you’re only paying the minimum monthly amount on your credit cards – and even if you’re paying somewhat more - you’re not actually getting out of debt. You’re really just staying IN it.
Paying a whopping 15% (or more) monthly interest rate over a very long time means you’re just racking up MORE debt.
That romantic dinner you put on the card seven years ago to impress a mean girl who broke your heart, the girl you don’t even remember anymore? You’re still paying for that. The incredible dress you just had to have back in 2011 when you were in your skinny phase? You’re still paying for that, too.
Paying that debt off (without incurring any new debt) will take you about 15 years.
It might be time to start figuring out where you want to be in the next YEAR. And then start thinking about the next three to five.
The next time you reach for your credit card to buy yourself a $12 salad, ask yourself this:
Will I be paying almost $17* for a $12 salad I ate 56 months ago? But let’s think about it in terms of our whole credit card. Your $8,000 in debt is actually $11,200 - 56 months later. That’s $3,200 in interest alone.
An even bigger question to ask yourself is this: How can I pay off the debt I have now and stop this madness?
It’s simple math. A personal loan can help relieve those fears of $3,200 in interest payments.
A personal loan is a seriously underutilized resource that millions of people could be taking advantage of right now. You can be one of them. You can get yourself out of debt faster than you think.
Even if you pay more than the minimum on your credit cards, a personal loan can get you right out of the insanity of a high interest rate credit card and into a lower fixed rate loan. Every month it’s the same payment. You now have a PLAN.
Personal loan rates are as low as 4.29% which is a far cry from 15% or higher. And if you’re really aggressive about it, you could pay off your loan in as little as 3 years.
No more 15-year-old salads waiting to be paid for. No more dresses hanging in the closet reminding you of the old you.
This is a chance to be a new you.
Some great things to know:
- The application process takes only minutes to complete
- Get loans up to $35,000
- Get your money in as little as 24 hours
- Terms are flexible: 24, 36, 48 or 60-month loans
- No collateral required
Getting a personal loan through LendingTree can help you get the money you need to get back in control of your debt – and your life – today. Compare multiple lenders to find the best rate for you.
*based on $8,000 of credit card debt paying off $200 a month at 15% interest, which will be fully paid off in 56 months.