Committing to paying off your credit card debt is a smart idea. A good first step is finding a way to lower your interest rate – this will mean faster progress and lower costs in the end.
A friend recently gave me some awesome advice on credit. He said you can improve your chances of getting a loan by knowing exactly what lenders require for credit approval. Before now, I’d thought it was pretty straight forward: If you have good credit, you can get a loan. But that’s not always so. There is this thing called the 5C’s of credit. It is a common term in the banking industry.
There’s no shortage of debt consolidation loan options available to those of us who are looking to combine multiple credit card balances and other debts into one easier payment. If you’re in the market for a debt consolidation loan, be sure to choose a lender that offers a much lower rate than you’re already paying on your existing debt, and one that offers a fixed repayment schedule.