Can’t Refinance Credit Card? Now What
Credit card refinancing is a great way of becoming debt-free because it avoids or lessens an interest rate. However, to qualify to refinance credit card debt, you must have a credit score over 680. If you cannot refinance credit card debt, you may be wondering if you have any other options to become debt-free.
If you cannot refinance credit card debt, your next step is to consolidate your debt. Consolidating your credit card debt means that you are combining multiple credit card balances into one monthly payment. This payment should have a lower interest rate than what you currently pay. There are a variety of methods for debt consolidation, most of which will need to approve of an application.
Balance Transfer Credit Card
By using a balance transfer, you will move the balances from one (or more) credit card accounts onto a different card with a lower interest rate. Many balance transfer credit cards offer introductory 0% APR on balances that have been transferred within a certain timeframe. Additionally, if you are able to pay off the balances that you transferred before the introductory period expires, you may be able to avoid paying interest charges. After choosing a balance transfer card that best fits your needs, you will be able to apply for a card.
A personal loan is money that you borrow from a bank, credit union, or online lender. You will pay this loan back by making fixed monthly payments for two to seven years. When using a personal loan, you will be looking at rates that range from 6% to 36% APR.
With this approach, you will be making one payment for your personal loan instead of making multiple credit card payments each month. With good credit, you can qualify for a lower interest rate on a personal loan. Personal loans also offer flexible repayment terms, meaning you can pick one that fits your financial situation the best. In order to qualify for a personal loan, you will need to meet the lender’s eligibility requirements.
Ask for Help
This solution can involve asking a friend or family member for help with your debt. When you receive a loan from a friend or family member, you will not need to meet minimum eligibility requirements to qualify for the loan. You can also request help from businesses like Bartifay Law Offices. This business will help you determine the best solution to your debt with methods like bankruptcy.
Filing for Bankruptcy
Bankruptcy is the best way to eliminate many types of debt, such as credit card balances, personal loans, medical bills, and more. Chapter 7 bankruptcy can discharge your unsecured debts, while Chapter 13 bankruptcy will restructure your debt. Filing for bankruptcy will allow you to collect and manage your debts. Out of all of the methods to become debt-free, bankruptcy is the most effective.
Help With Bankruptcy
Filing for bankruptcy is the best decision you can make to manage your debt. Bartifay Law Offices offers representation and guidance for bankruptcy. Bartifay Law Offices has over 30 years of experience working with Chapter 13 and 7 bankruptcy. After examining your financial situation, we will advise you on which form of bankruptcy will help you the most and help you through the entire process. Reach us at (412) 824-4011 for a free consultation.