Refinance Credit Card Debt Like a Wiz

Refinance Credit Card Debt Like a Wiz

By: Elise Gray - Posted in:
Man getting ready to refinance his credit card debt

Credit Card Refinancing 101

When you’re looking to refinance credit card debt like a wiz, there are a few key things to consider. Refinancing your credit card debt is easier than one would think and there’s more than one way to do it. The first rule of credit card refinancing 101 is understanding what your limits, credit score, and rates are.

What is Credit Card Refinancing?

Moving your debt to fit your needs and save on interest!

All credit card refinancing is, is the movement of debt. Customers that are looking to refinance their credit card debt will find that they can do it one of two ways, they can either initiate a balance transfer or refinance it with a personal loan. There are pros and cons to both options, so be sure to explore them all.

How Do You Move Credit Card Debt?

Personal Loan

If you refinance credit card debt with a personal loan, all you have to do is tally up the total of your credit cards and apply for a personal line of credit with a fixed rate. The fixed personal loan will consolidate all of your debt and rates into a single payment.

Balance Transfer

Have you ever got a credit card offer in the mail with 0% APR until 2023 or something like that? Lots of people with good credit get these, and it can be a smart way to avoid interest rates. All you have to do is transfer your current balance to the new card and bam – you just got out of the interest rate (so long as you pay off before the new credit card rate begins).

Best Way to Refinance Credit Card Debt

Man Refinancing Credit Card Debt

Balance transfers and personal loans are the best ways to consolidate credit card debt, as we highlighted in other articles. However, if you don’t have the best credit, you’ll want to hold back or at the least do extra research. You’ll be happy to know that there are third-party lenders like Upstart that use AI to generate approvals, which are not solely credit based. If your credit is in trouble and you’re currently carrying a 3.0 in college, you might be a great candidate for one of their loans! The main thing you should do when you’re considering refinancing credit card debt is research. It’s tedious, but personal finance is worth spending time on to achieve financial freedom. Make sure that you know your credit score and a reasonable amount of money you can afford per month.

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