You Have Options When Your Credit Card Debt is Expanding
A simple technique to break the credit card debt cycle
If you’re tired of the revolving debt of credit cards, with their high interest and minimums that are designed to keep you locked in debt month after month, it might be time to explore an alternative strategy.
The unintended side effects of revolving debt
Living with debt might be a mild annoyance in your day-to-day life, but it can also come with negative long-term effects on your personal finances. The higher your debt, the more it negatively affects your credits score, which is used in determining your eligibility to borrow money for all kinds of things, like getting a mortgage or financing a car. The lower your credit score, the higher the interest will be for these major life purchases, which will trap you further in debt. By reducing your reliance on credit cards, you could greatly improve your credit score and halt the cycle.
Update your strategy
Credit cards are great for spending money, but not so good for keeping track of your spending and setting reasonable budgets for yourself. If you’re looking for a smarter strategy, we recommend you reduce your reliance on credit cards and switch your debt to a personal loan with a low interest rate and a stable monthly payment. A single monthly payment that’s the same every month can help you set a budget, stick with it, and reduce your debt.
A personal loan with LendingTree
If you’re serious about getting out of debt, LendingTree is the way to go. LendingTree helps you compare rates, terms, and amounts to find your best loan so you can consolidate your debt and finally put it behind you.
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