ScaredyCatGuide Random Financial Quick Tip Of The Day by scaredycatguide

scaredycatguide · @scaredycatguide · Feb 20 '17

$5.12

ScaredyCatGuide Random Financial Quick Tip Of The Day

If anyone is in the situation of having large credit card balances on high interest cards please know there are some steps to ease that burden a bit.

![usa-1935785_640.jpg](https://steemitimages.com/DQmdbSEEbSBDChRSVUGBV6JwbLWJLSSK9DPaNqNn8gFbqQe/usa-1935785_640.jpg)
## Consolidate & Transfer

Between peer to peer lenders, credit cards with promotional periods and credit card companies offering debt consolidation loans there are now more options than ever to improve your debt situation.

Here are a few options worth looking into:

### Prosper
This a is a peer to peer lender that offers loans for anything from debt consolidation (the goal in this case) to home improvement loans. There is a small origination fee with these loans and no prepayment penalty.

### Discover Personal Loans
An affiliate of Discover Card Company, they offer personal loans similar to prosper and I believe designed for that specific reason. They have all different promotions and zero origination fees can be had.

### NerdWallet
This is a website that basically consolidates the best credit card offers that are out there. Just search for credit cards with balance transfer promotions and you will get a list of options.

## Why Do This?

Let's say someone has 16k in debt on a credit card with an interest rate of 18%. If they are making monthly payments of $400 then it will take them just over 5 years to pay off the card and they will have paid $8,618 in interest for a total cost of $24,618.

If they were to consolidate the debt at a lower interest rate of say 12%, that 4% saved adds up in time and money. This is feasible too as 12% isn't exactly considered a "low rate" maybe the low end of the high rate scale if anything.

At 12% paying $400 a month the loan would be paid of in just over 4 years and $4,535 in interest would have been paid making for a total cost of $20,535.

As you can see transferring debt from one high rate card to save even 4% adds up. A year of that person's life has just been gained from the stresses of debt and over $4,000 has been saved.

## Conclusion

Little changes can make drastic impacts when it comes to finances and debts. Spending an afternoon to figure it out and make a change will save unprecedented amounts of time and money.

___
Regards,
![SCGLabel.JPG](https://steemitimages.com/DQmT1f9RYQpCfEXKsANM4hczZU85YyUMLiL8K6n7zFKzQf1/SCGLabel.JPG)
Thanks for the pic [pixabay](https://pixabay.com/en/usa-dollar-object-chess-chess-game-1935785/)
Disclaimer: Info in this post is my opinion and for educational purpose only.

👍 ned, val-a, michael-b, michael-a, created, neoxian, jrcornel, lafona-miner, helikopterben, summon, delegate.lafona, the-alien, wang, me-tarzan, getonthetrain, marius19, scaredycatguide, cristi, lafona5, fyrstikken, sykochica, roelandp, strangerarray, the-future, good-karma, denisoi, furion, steemsports, aunt-deb, mitchelljaworski, playfulfoodie, food-creator, jang, sqube, denmarkguy, t3ran13, gamer00, pairmike, guytremat, kurtbeil, karenmckersie, tyga, j3dy, richardcrill, cannes, giantbear, barrydutton, proctologic, snoopdog, lilwayne, johnthehoan, konelectric, jsantana, craftideas, forrestwillie, whatageek, steemitguide, ubg, meysam, lighter, sergey44, thedeplorable1, stray, fyrst-witness, and 34 others

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@the-future · Feb 20 '17 (edited)

It is a very interesting post! By the way, you have a strange but funny name!

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@scaredycatguide · Feb 20 '17

Thanks...there is a method behind my naming madness .   I'm here to help the risk adverse people out there, the "scaredycats" and my posts are their guides.  ScaredyCatGuide was born :-)

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@the-future · Feb 20 '17

That's cool, I like the way you came up with your name.

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@denmarkguy · Feb 20 '17

Good advice... and *above all,* don't try to put money away in "savings" earning less than 1% while you are carrying debt costing you 15%!

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@scaredycatguide · Feb 20 '17

Ain't that the truth!

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