Should I Move Credit Card Debt To A Personal Loan?

by birtanpublished on August 23, 2020

Should I move credit-card debt to a personal loan this is a question in the minds of many of our ambassadors who can't start investing because they are in credit card debt and if that's you then you are in luck because my guest today is Beverly horizontally recognized

Personal finance and credit card expert for u.s. News & World Report she's also the best-selling and award-winning author of five a personal finance books before she became a credit card expert though 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 two years and that's why there is no one better than her to share the debt payment strategy that you can use

For your personal credit this will be the first of a trilogy on credit card debt so make sure you're subscribed to our channel if you have any questions that you want Beverly to answer in our next episodes make sure you leave a

Comment below and let me know and don't forget to share this video with anyone you know who is under the burden of credit card debt my name is Kennedy Danielle on the founder of the invest diva movement now let's go and say hi

one of them is should I move my credit card debt to a personal loan is that something that that is a question I get

All time Gianna and you know it really depends on what your situation is okay let's say you've got credit card debt but that you still have excellent credit and it's possible to do that especially you have high

Limits on your credit cards if you have excellent credit you can move it to a balance transfer credit card and then you can spend anywhere from say 12 to 21 months pay down that balance interest-free you'll get 0% APR so that

Works if you've got great credit if you don't have great credit you might look at a debt consolidation type of loan so it which falls under the umbrella of personal loan you won't get 0% APR but you might end

Up better off if you have a high APR you know on the cards with your credit card debt so at some point if you don't have great credit it's really just how can we get you to the point where you pay the least amount is just as possible and

That's that's possible as long as you do some research and you know where your quite your credit and eNOS so can you clarify our audience what an AP are exactly as sure it's a annual percentage rate and this is the cost of borrowing

Monies and so if you has that 20% APR in your credit card that's the interest rate you pay and that's broken down on you know by month if you carry a balance you start paying compound interest okay so then you end up paying

Interest on your interest it's it's a bad evil situation so it's very important with credit cards to pay your bill in full by the due date very balanced and you really have an interest-free loan I mean this is just

When I came to the US and I noticed that people are not paying their credit card balance right on time I was shocked I'm like how is that even possible why is this not taught in high schools and

Are people just thinking that this is the money that they don't have they can spend and not pay back and I've learned the hard way that people actually just don't pay attention to how important it is it's not it's not free money this is

You should only you know make spend the money that you have but so I feel like credit card companies maybe they came along promoting this type of behavior because they wanted to be relevant and then they ate they ended up in this mess

There are there any positive things about credit cards yes yes absolutely now I will confess I was once in terrible credit forget myself and this happened to me right after college I got a bunch of credit cards maxed them all

Out actually ended up losing all my cards because my credit was so mad at that point and then I decided to become a finance writer and I did this because I would empower myself I wanted to learn about all the stuff because you know

Honestly credit is not intuitive sometimes it doesn't really even make a whole lot of sense specially we talk about credit scores but it's something that you can learn and I find that the more people learn about credit and how

To use credit cards responsibly the better it is for their overall financial health if you have an extra credit score and credit cards are great way to do that if you use it responsibly if you have an excellent credit score

You'll save money on other things in your life you pay less for health insurance premiums life insurance car insurance you'll get the best mortgage rates which can save you thousands over the the life of a mortgage loan so there

Definitely benefits to it and you know I personally make a couple of thousand dollars a year in courts so I use my card strategically never Gary a balance I have a nice solid emergency fund just in case something goes wrong in my life

You know it's my backup but yeah that you can really benefit from them but not everybody can use them responsibly you know either they don't want to take the time to learn or they really do have a problem with spending which was I am

That kind of a problem so you know you've got to be really honest with yourself you use them responsibly yes it's a great tool that was great insights and I cannot wait for you to talk about how

You got out of your credit card debt but we'll leave this for the next segment that we have with you thank you so much Beverly for joining us today and you guys watching at home you heard her don't be in credit card debt and if

You are in the next interview with Beverly we're going to find out how to get rid of your credit card debt so stay tuned

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