How to Pay Down Credit Card Debt in 2021

The average American has $5,700 in credit card debt, so if you’re struggling with high card balances, you’re not alone. Knowing how to get out from under this debt load can be challenging, though — especially with high interest rates adding to your balance every month.

Fortunately, there are a variety of ways to pay down credit card debt. You can do some of it on your own, and other strategies require you to seek help from a lender or a company that focuses on helping people like you.

Are you ready to get free from credit card debt? Let’s dive in.

Create a Repayment Strategy Yourself

The easiest way to handle credit card debt is to set up a repayment strategy that fits your lifestyle. One of the most common is to focus on your smallest debts first. As they are paid off, you put your payments toward larger debts.

Over time you create momentum and end up with more money to put toward larger balances. If you can handle your minimum payments and still have a little bit of cash left over, this could be a great way to pay down debt.

Consolidate Your Debt

One of the biggest problems with credit card debt is that the interest rates are very high. The average credit card interest rate is between 14% – 18%. If you have a low credit score, it could be even higher.

This interest is added to your balance every month, making it very difficult to get out of debt. Fortunately, interest rates on other types of loans are much lower. As a result, you can get a consolidation loan and use the money to pay off your credit cards. Then, you pay a single monthly payment at a much lower rate.

This can help you reduce the amount you owe each month even as you pay down your debt balances. Just be sure to remove the credit cards from your wallet so you don’t build the balances back up.

Get Better Credit Cards

Perhaps the credit cards you have now have fees or extremely high interest, but you qualify for better offers than you used to. If that’s the case, you can apply for new credit card accounts and transfer the balance.

If you have good credit, you may find that balance transfers have 0% interest for a year or more. This can give you time to make payments and get rid of that debt without having the balance grow.

You may also choose to have a single credit card you use and pay off each month. If you do, you might enjoy having one that gives you cashback, travel points, or other perks. Shop around to find the best deal!

Home Equity Loans

If you have owned your home for a while, you’ve probably built up equity. Equity is the value of the house that you own versus the amount you owe the bank. For instance, if your home is worth $200,000 and you owe $150,000 on it, you have $50,000 in equity.

You may be able to take out a line of credit based on the $50,000 in equity. However, it’s best not to borrow more than you need because you have to pay the money back, and you don’t want to risk losing your home if something goes wrong.

Another idea is to refinance your home entirely. This would give you a new loan of $200,000, you’d pay off $150,000 to the old lender, and you’d have $50,000 in the bank. Of course, there are fees when you refinance, but it can be a big win overall if you can lock in a lower interest rate.

Debt Settlement

If you’re struggling with credit card debt and none of the other options work, you might decide to work with a debt settlement company. These companies will work with your creditors on your behalf to reduce your debt.

Debt settlement companies charge a fee for their services, but it’s worked into the monthly payment for your plan. Settling debt in this way does impact your credit score, but you can build it back up over time.

If you’re at the end of your rope, debt settlement is often a better option than outright bankruptcy. You can settle your entire balance much more quickly than you ever could making minimum payments.

Make 2021 Different

Take advantage of these strategies to pay down your credit card debt. You’ll feel freer with less debt to manage, and your

5 Ways to Avoid Overdraft Fees

What?!?

How did this happen to you…again?

You were certain you had enough money in your checking account to make that purchase. Unfortunately, you forgot about that automatic car insurance payment that came through yesterday and brought your available balance down lower than you thought.

Now, you’re stuck with yet another overdraft fee — not something you appreciate much when you’re already having a hard time making ends meet.

Only a kind-hearted customer service rep at the bank can save you now from that fee. However, there are many ways that you can avoid more of these fees in the future.

Check out these 5 ways to avoid overdraft fees.

1. Decline Overdraft Protection

This might sound backwards, but you read that right. Overdraft protection programs allow you to swipe your debit card for a purchase that will overdraw your account. So if you have $25 in your account and buy something for $50, the bank will loan you the extra $25 — and slap you with an overdraft fee in the ballpark of $35. Average overdraft fees in 2020 were $33.47 according to Bankrate.

What’s more, you might not even know that you overdrew your account. Plus, you can rack up multiple overdraft fees if you make multiple purchases before you realize what has happened.

So, overdraft protection saves you the embarrassment of not having money at the checkout counter, but the cost may not be worth it.

2. Set a Low-Balance Alert

You can set up alerts with your bank, so you’ll receive an email or text when certain things happen. For example, you can be notified when your account balance drops below a certain dollar amount.

3. Monitor Your Account

Even with a low-balance alert set up, you should still keep an eye on your account. It’s still possible to overdraw, particularly when making a large purchase. For example, you might have arranged to be notified when your account balance drops below $200. But if you buy something for $250 and have $225 in the bank, you’ll still overdraw.

Additionally, you might not have noticed when the alert came through. It’s a good idea to get in the habit of checking your account regularly, particularly before making a large purchase.

4. Use a Credit Card

Another way to avoid overdraft fees is to not use your debit card for purchases. You can use a credit card instead. As a bonus, you can make money in rewards for each purchase if you choose a card with these benefits.

However, we mention this strategy with a caveat. Monitor your purchases and ensure that you can pay off your entire credit card balance each month. This allows you to enjoy the rewards of using a credit card without being saddled with a bunch of unneeded credit card debt.

5. Find a Bank That Doesn’t Charge Overdraft Fees

Newer competition is in the market and there are some banks that don’t charge overdraft fees. These tend to be online banks that have a smaller overhead and don’t have to charge their customers as many fees to make money. Additionally, the interest they pay on savings accounts may be higher — another benefit.

Another possibility to check out is your local credit union. Some are restrictive about who can join, but many pay higher interest and charge fewer fees. All it takes is a bit of research.

Stay Free from Overdraft Fees

Nobody wants to find out they’ll have to pay a hefty fee for a small oversight. Thankfully, by following these 5 tips to avoiding overdraft fees, you can stay overdraft fee-free and enjoy keeping your money where it belongs — in your bank account.

Check Your Mailbox! Here’s How Financially Stressed Consumers Turn To COVID Debt Consolidation

Covid Debt Consolidation

While politicians continue to debate the new stimulus package, millions of Americans are barely getting by. Many people found themselves without a job and had no choice but to make poor financial decisions to survive. Some people stopped paying rent, mortgage, utilities, and car notes. Others started relying on credit cards and retirement accounts to cover the bare necessities. 

Thinking that the pandemic would pass quickly, they continued these practices to the point of financial demise. Now, a year later, many people are dealing with no emergency funds, maxed out credit cards, and ruined credit. Unfortunately, many fear having their homes foreclosed on, getting evicted, or being on the hook for large utility bills. Looking for a way to regain some stability (and their sanity), some consumers turned to COVID Debt Consolidation for solutions. 

Tackling Credit Card Debt

When your credit card is maxed out, you’re missing payments, and the interest and penalties keep piling up, it’s time to devise a plan. You have several options available. What you chose ultimately depends on your circumstances. 

  • Contact Creditors – There’s a wide misconception that you shouldn’t reach out once you owe a company money unless you’re ready to pay. However, that’s not the case. Creditors understand what’s going on in the world right now, meaning they’re more inclined to want to work with you. You can ask about lowering interest rates, removing late fees, and organizing a more affordable repayment plan. 
  • Crunching Numbers – Paying more than the minimum amount is another efficient way to get credit card debt under control. While it may appear you don’t have the money to afford higher payments, that’s not always the case. Many consumers found that when they created a realistic budget and eliminated wasteful spending, that they had extra money, they could dedicate to credit cards. 
  • Balance Transfer Cards – There are credit cards that allow consumers to transfer balances. These cards often start cardholders off with no interest, which gives them the chance to pay down the principal balance faster. There are a few things to keep in mind. You must have decent credit, and you’ll have to pay the balance off within the promotional period, or you’ll be stuck with a high balance and interest rates. 
  • Debt Consolidation – Companies like COVID Debt Consolidation offer low-interest loans to individuals interested in paying off high-interest credit cards. Their outstanding accounts get lumped into one, make it more affordable and easier to manage. 

Relief In Other Areas

Although credit card debt was only part of American consumers’ financial stress, getting things under control provided relief in other areas. 

  • Better Financial Management – With a system in place to tackle credit card debt, people started applying financial management practices to other areas. Creating a realistic budget to free up cash and sticking to their payment plans got positive results. Their credit improved, they got smarter about their money, and they paid down balances faster. 
  • More Money For Necessities – Whether you contact your creditor to create a more affordable payment plan or you opt for debt consolidation, you’re saving a ton of money in interest and late fees. These financial savings were ultimately applied to other necessities. 
  • Peace of Mind – There’s something about paying down debt and managing your finances that gives you a sense of security. You’re not worried about collection calls, your credit history turns around for the better, and you have money to get things you need. 

Financial stress has reached an all-time high since the start of the pandemic. As people do what they can to survive, they consequently create more problems later. Feeling as if they were drowning with no way out, they turned to methods like those discussed above to tackle credit card debt. Learning how to reduce financial pressures and develop positive financial habits ultimately helped many Americans. They saw a positive change in their credit history, eliminated the chaos, used savings to cover other expenses, and found peace of mind. 

Here’s How I Tackled My Debt Without Using My Stimulus Check

Brice Capital debt consolidation company

The federal government decided to help American citizens by providing a stimulus check during these uncertain times. The idea was to give a financial boost to cover things you may need. Most of the people I talked to stated they would use the check to buy food, pay the rent, or dig themselves out of debt. Although these aren’t bad ways to use your stimulus payment, it’s not the route I wanted to take. 

No offense, but $1400 wasn’t going to be enough to scratch the surface of my household debts. Rather than watching the money disappear as quickly as I received it, I wanted to invest in something that would secure a financial future for my family and me. So, I decided to look into other debt reduction methods and use my stimulus money another way. 

Negotiating

The first thing I did was try and negotiate with creditors. As the pandemic has impacted everyone, I was confident that they’d be inclined to help get the account resolved. I talked to them about my financial hardships and asked about other solutions to pay the balances. To my surprise, some companies were willing to remove late fees, reduce the interest rates, and restructure my payments to make them more affordable. 

Debt Consolidation

I decided it might be best to consider debt consolidation for the credit cards with the highest balances and interest rates. I found a reputable site called Bricecapital.com, where I completed a short form and talked with a financial advisor. The agency was able to offer me a loan with a lower interest rate. Brice Capital debt consolidation loans also come with reasonable repayment options, making it easier to fit into my budget. I no longer had to worry about keeping up with multiple accounts, and I was paying more towards my principal balance. Not to mention, it wasn’t long before my credit score started to improve. 

Debt Management Practices

Even though I managed to negotiate some of my debts and consolidate others, I realized the only way to lift the weight completely was to stay on top of my finances. So, I developed positive financial habits and used various tools to help me manage my debt. I found a money management app that allowed me to create and stick to a realistic budget. I also used my calendar to remind me of upcoming bills and set up automatic payments to ensure I don’t miss a beat. 

Invested My Stimulus Check

Since I had developed a way to tackle the debt accumulated amid the pandemic, I was free to invest my stimulus check as I saw fit. Instead of splurging on something that would only provide temporary happiness, I invested in something that would help set my family up for a lifetime. Me and my significant other decided to use the money to invest in real estate. We found an affordable fixer-upper in our neighborhood and bought it at auction for a steal. Since my partner has experience in general contracting, he was able to knock out many of the issues and save us a lot of money along the way. We hope to complete renovations over the next few months and then put it on the market for rent. The rent can be used to create an emergency fund, cover household expenses, or make other investments to keep growing our assets. 

When the government decided to distribute stimulus checks to millions of Americans, I wanted to do more than just pay a bill or reduce my debt. I wanted to invest the money to secure a better future for my family and me. I realized that in order to do that, I first needed to find a way to get my finances under control. Working with Brice Capital and developing positive financial habits helped me get back on track so that I could use the stimulus payment to invest in something greater.

Gulf Street Advisors Reviews on Debt Consolidation

Gulf Street Advisors

Should you find yourself swimming in debt and worried about what the future will bring, it’s critical that you take immediate action. And for many people, debt consolidation is the best step they can take. 

Gulf Street Advisors Can Help You

With help of a financial service—such as Gulf Street Advisors—you’ll know that you’re on the right path from the start. 

What is Debt Consolidation?

Debt consolidation is exactly what it sounds like. With this, you’re consolidating two or more balances into one, which has many benefits:

  • There’s only one balance to manage in the future
  • There’s only one payment to make each month
  • You can save money on interest charges

With benefits like these, there’s no wondering why so many people look into debt consolidation before any other strategy.

How Does Debt Consolidation Work?

This is when things get confusing for many people, and here’s why: there’s more than one way to consolidate your debt.

While this can cause confusion upfront, it’s actually a benefit. With so many ways to consolidate debt, there’s a greater chance of finding a strategy that suits your current financial circumstances and future goals.

Here are some of the best debt consolidation ideas:

  • Debt consolidation loan: with this type of loan, you have the ability to bring all your debt under the same roof.
  • Personal loan: similar to a debt consolidation loan, these have competitive interest rates for consumers with good or excellent credit.
  • Home equity loan: with this, you’re using the equity in your home to consolidate your debt. It’s a risk, as you’re putting your home up as collateral, but it’s also one of the best ways to secure a low interest rate.
  • Balance transfer credit card: this is a popular choice among individuals who have more than one credit card balance. With a balance transfer credit card, you can combine them all into one account. Even better is the fact that these credit card offers typically have a zero percent introductory rate for 12 to 24 months.

It doesn’t matter if you’re seeking debt consolidation for bad credit or you have an excellent score that you’re concerned about, there’s an option for you. 

By comparing the above, along with any other debt consolidation strategies you can think of, you’ll soon find yourself on the right path. 

Should I Look into Debt Consolidation?

As you review your debt, pay close attention to the type you have and the amount. These are the details that serve as your foundation moving forward.

Debt consolidation may not be the only way to address your financial concerns, but it could be among the best. Here are some of the reasons to look into this:

  • You’re struggling to manage multiple accounts and balances
  • You realize that you’re spending hundreds of dollars per month on finance charges
  • You’re looking for a way to save time as you manage your debt

But does debt consolidation work? The short answer is yes.

As long as you’re devoted to the process and have a plan to follow, you can win big by consolidating your debt. 

Just like anything else involving your finances, organization will work in your favor. This starts with understanding your debt, inside and out, and then making decisions that will move you toward your goal of living a debt-free life.

Gulf Street Advisors debt consolidation loans

What Are Debt Consolidation Loans?

A debt consolidation loan is an unsecured loan that allows you to combine multiple balances into one.

For example, maybe you have a $10,000 credit card balance, $5,000 home equity loan, and $5,000 personal loan.

Rather than manage all of these separately, you can combine them with a debt consolidation loan.

This leaves you with the same balance, but it’s all in one account. This makes it easier and more time-efficient to manage, while also helping you save on finance charges.

Generally speaking, you can combine as many debts as you want, as long as you qualify. 

Who is Gulf Street Advisors?

For more than 10 years, Gulf Street Advisors has been helping consumers consolidate their unsecured credit card debt. 

Gulf Street Advisors debt consolidation services are among the best you’ll find, as they take great pride in working one on one with their customers.

Furthermore, Gulf Street Advisors will help you secure the lowest possible rate for your consolidation, which saves you money over the long run.

Gulf Street Advisors Can Help You

It’s easy to believe that there’s no way to dig yourself out of debt. And that’s especially true if you’re tackling the process on your own.

That’s why you need a service like Gulf Street Advisors on your side. They can answer your questions, provide professional guidance, and give you a clear path forward.

As you read Gulf Street Advisors reviews online, you’ll find that the company has successfully worked with thousands of consumers in the past. There’s no reason to believe that you can’t be next in line. 

Applying to Gulf Street Advisors?

You’ve read the reviews on Gulf Street Advisors. You’ve looked into your other options. Now, you’ve come to the conclusion that this is the right service for you.

If you’re interested in moving forward, you can complete a Gulf Street Advisors application online. From there, all you have to do is wait for the company to contact you.  

The final step in the process is working closely with an advisor to ensure that you understand how the service works and the benefits it provides.

Brice Capital Reviews for Debt Consolidation

Brice Capital debt consolidation

Brice Capital is a great option for consolidating debt to help with your finances. Learn more about whether it’s a good fit through our Brice Capital reviews.

Brice Capital Is Here to Help

Covid has left a lot of people in debt due to loss of work. Brice Capital is one of many lenders who have helped people that are struggling due to overwhelming debt. Many people lost their jobs through no fault of their own. The company they worked for is literally no longer in business. It is not a temporary lay off, it is a permanent life alteration.

Brice Capital reviews are filled with stories of people who were struggling with debt due to the secondary effects of the pandemic and found a path forward. It is among all things possible that you can find the same kind of help. If you find that debt is weighing you down through no fault of your own, See if a Brice Capital debt consolidation is right for you:

Who Is Brice Capital?

Brice Capital does debt consolidation work for people struggling with paying their creditors from month to month. By offering a debt consolidation loan, they make it possible for people to reduce the number of bills they have to keep up with throughout the pay period. Additionally, the payment is reduced, often significantly, from their previous debt service.

What Is Debt Consolidation?

Right now, your total debt is a composite of all the outstanding balances you have with all your creditors such as credit card providers. That could be three or more separate payments you have to make each month not including housing and utilities.

A debt consolidation loan combines those bills into one, easy payment. You make one payment each month and save money in the process. That offers a huge boost in peace of mind, self confidence, and energy. It also contributes in boosting your credit score. As a result of debt and other factors, many have seen their credit score plummet. Fortunately, one can still get debt consolidation for bad credit.

How Does the Debt Consolidation Process Work?

How does debt consolidation work? The process is easier than you think. You first determine if you think a consolidation loan can help you. Then, check out some reviews to find the best debt consolidation product for your needs.

From there, you get a loan equal to the amount you owe to your creditors. Those creditors are paid in full. You make one monthly payment that represents significant savings because you will be paying a lower interest rate. The phone stops ringing with collectors. The threatening letters stop coming. And negative items on your credit report are checked off.

Is Debt Consolidation a Good Idea?

The first thing you need to know about debt consolidation is that it is a loan, like any other loan. A Brice Capital debt consolidation is a loan used to pay off your outstanding, high-interest credit with other lenders. Debt consolidation is a good idea in general. The exact amount of benefit you see will depend on how much you are paying in interest right now.

With an overall lower interest rate, you can save hundreds or even thousands in the long-term. In the short-term, you can save a substantial amount, giving you that bit of necessary breathing room for your budget to come alive. It can also open the door to starting a savings account that can make all the difference when income is reduced.

What Other Benefits Come with Debt Consolidation Loans?

Besides having one bill and one creditor and a lower interest rate, you also gain the positive bump to your credit record for paying off several creditors. If you get the consolidation loan before falling behind, you will benefit from having made on-time payments.

Not long after that, your credit score should take a turn for the better. Making payments on time helps your credit score, even if you have had difficulties in the past. There is no credit so bad that it can’t be improved. Once things start going in the right direction, that improvement happens faster than you might have thought possible.

A potential pitfall to improving your credit score is that you will start getting more and better credit card offers. Those offers will be very tempting. You might use a loan calculator and determine that you are making enough for a new credit card. But you will want to fight the urge. Instead, take the money you save and invest it in an interest-bearing savings account.

If you can wait till your loan is fully paid off, you will be in a much better position to purchase a vehicle. Public transportation is not a viable option in many places. Your prospects for work will increase when you have reliable transportation. Your car payments will be much more manageable when you can pay with a reasonable down payment and a credit score of 700 and above. At that point, many more options are available to you that weren’t before.

How Can Brice Capital Help Consolidate Debt?

Brice Capital is not the end of your financial journey. But it could be a great place to start. If you choose to make Brice Capital the first stop on your road to recovery, they help free you from the oppressive weight of debt so you can breathe again. If you are on a fixed income, have too much month at the end of the money, and frequently have to choose which creditor’s bills will have to wait another month, you should read those Brice Capital reviews and take the next step.

Applying With Brice Capital?

Once you click the link for the Brice Capital application, be prepared to answer a few basic questions. You don’t need exact amounts at this stage. An estimate of your debts and payments will be sufficient. From there, financial freedom is as close as you want it to be. 

Sooner Partners Reviews for Debt Consolidation

Sooner Partners

In a perfect world, you’d always have your debt under control. Unfortunately, this area of your finances can quickly spiral out of control. Should that happen, it’s critical that you take immediate action to rectify the situation.

Through debt consolidation, you can better manage your debt load all while saving money. And that doesn’t even take into consideration the peace of mind it’ll bring.

Sooner Partners & FAQs for Consolidating Your Debt

Who Is Sooner Partners Exactly?

You don’t have to look any further than the Sooner Partners website homepage to understand what the company offers consumers. Here’s a short snippet:

Sooner Partners knows that today’s world feels more insecure than ever before. Sooner Partners does not feel that you should be insecure about your money or bills. Financial security is easy to achieve with our low interest rate debt consolidation loan.

In other words, Sooner Partners is in the business of helping people like you improve their financial circumstances through the use of a debt consolidation loan. 

What is Debt Consolidation?

Debt consolidation is a form of refinancing that entails taking out one loan to pay off others.

For example, you may be interested in how to get a debt consolidation loan, as this allows you to use it to pay off several other loans. When you do this, you’re left with one loan that’s simple to manage. Furthermore, since you’re only paying interest on one loan, you’re able to save money. 

How Does the Debt Consolidation Process Work?

Does debt consolidation work? Does it make sense to take the time to learn more about the process?

It’s natural to have some concerns about consolidation, especially if you’ve never gone down this path in the past. However, as you learn more about the process and your role, it’ll become clear that you should at least give it a closer look.

The process will vary slightly from one individual to the next, but here are some of the basic steps you’ll take:

  • Tally all your debt, making note of both the type and balance due
  • Decide how you’ll consolidate your debt, such as with a debt consolidation loan, home equity loan, or balance transfer credit card
  • Find a reputable lender with great customer service and a competitive interest rate
  • Complete an application and wait for a final decision

Once you take these steps, you can decide if now is the best time to move forward. You don’t have to proceed on the spot, but you now have the information you need to take action when necessary. 

How Can Debt Consolidation Affect My Credit?

Any time you’re making such a big financial decision, you should consider the impact on your credit report and credit score.

For example, if you want to learn how to consolidate debt with bad credit, you’re likely hoping to boost your score through the strategy you employ.

There are both pros and cons of debt consolidation as it pertains to your credit. Some of the benefits include:

  • Improved payment history
  • Lower credit utilization ratio

Both of these things will work in your favor.

Conversely, there are some things about debt consolidation that may concern you, including:

  • Lower average age of credit
  • New credit account
  • New credit applications

Compare the good and the bad to ensure that you’re making the right decision at the right time.

Families ask if debt consolidation is a good idea

Is It a Good Idea to Consolidate My Debt?

Is debt consolidation good? Do you know what the best debt consolidation loan looks like?

If you’re on the fence about consolidating your debt, it’s critical that you learn more about the benefits. These include but are not limited to:

  • One payment per month: It’s challenging to manage multiple debt payments, especially if you’re in a tight financial spot. After consolidating your debt, you’re left with one payment per month. That’s just about as easy as it gets in regards to managing your debt. 
  • No more debt collectors: There’s nothing worse than hearing from collection agencies, day in and day out. Debt consolidation can bring this to an end, as you’ll pay off your debts in full. What you’re left with is a single loan payment. As long as it remains current, you don’t have anything to worry about in regards to debt collectors. 
  • Save money on interest: There’s a lot to like about debt consolidation, with the opportunity to save money on interest somewhere near the top of your list. With only one loan—and one interest charge—you can save money month over month. 

These aren’t the only benefits of debt consolidation, but they should help you understand why it could be the right decision. 

How Can Sooner Partners Help With Debt Consolidation?

The more reviews on Sooner Partners you read, the easier it is for you to understand that they have your best interests in mind.

Sooner Partners and debt consolidation go together hand in hand, with the company helping individuals secure a loan that saves them money, eliminates the hassle of managing multiple debts, and provides peace of mind. 

How Can I Apply With Sooner Partners?

Once you’ve read all the Sooner Partners reviews you can find, it’s time to decide what you should do next.

If you’re convinced that debt consolidation will work in your favor, contact the company for more information. 

When you apply with Sooner Partners today, you’ll immediately feel better about the strategy you have in place and the benefits it’ll bring to your life now and in the future. Debt consolidation may be just what you need to regain control of your finances.