Should I Move Credit Card Debt To A Personal Loan? Personal Finance | Invest Diva w Beverly Harzog
Should I Move Credit Card Debt To A Personal Loan? This is a question in the minds of many of our Invest Divas who can't start investing because they are in debt and are wondering how to get out of debt to become debt-free. If that's you, then you're in luck because my guest today is Beverly Harzog, a credit card junkie who is a nationally recognized personal finance and credit card expert for U.S. News & World Report.
She's also the bestselling and award-winning author of five personal finance books. Before she became a credit card expert, she actually maxed out seven credit cards and racked up more than $20,000 worth of credit card debt, and she was able to get out of it in only 2 years. That's why there's no one better than her to share the debt payment strategy that you can use for your personal credit repair because unlike Dave Ramsey (who I respect by all means) Beverly has actually been in this situation before.
This will be the first of a trilogy on credit cards and how to pay off debt, so make sure you're subscribed to our channel. If you have any questions about credit repair, how to improve credit score, and repair bad credit that you want Beverly to answer in the next episodes, make sure you leave a comment below and let us know... and don't forget to share this video with anyone you know who is under the burden of credit card debt and needs credit healing.
👉 Moms: How To Take Control Of Your Financial Future And Make Your Money Work For You, So You Can Sleep Soundly At Night (Without relying on your husband and even if are super busy): http://learn.investdiva.com/start
What is a personal loan? Personal loans give borrowers access to funds to use at their discretion and are typically unsecured, meaning they don’t require you to put down collateral to obtain the loan. This differs from auto loans, where you typically provide collateral — for example, your home or vehicle — that your lender can repossess if you don’t make your payments.
Is a personal loan the right option? Taking out a personal loan to pay off your credit card may make financial sense in the short term. But a personal loan may not be a viable long-term solution unless you address the root cause of your debt. Taking out a personal loan to pay off credit card debt is an unconventional alternative that could save you money over time. If you’ve treated the root cause of your debt and have stable cash flow, a personal loan might be an attractive option.
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