GAME OVER TO CREDIT CARD DEBT:
Go to www.lendingclub.com or www.prosper.com and apply for a personal installment loan up to 40,000. Apply online and fill out some information and it will tell you instantly how much you are approved for.
Lending Club is a soft inquiry (not affecting the score) and Prosper is a hard inquiry (does affect the score). If your credit cards are maxed out, this is greatly hurting your credit score but by transferring the debt to an installment loan like these banks, where they give you a three or five-year term for the loan, you can transfer the balances and keep your credit cards open. Thirty percent of your score is based on the balance on credit cards versus the limit on the credit card but installment loans don’t count and are not factored in.
After your cards are paid to zero, pick the two cards you have had open the longest to use for setting up the Easy as a 1-2-3 system.
Within three months, your credit score will greatly improve and look like you just paid all your credit cards off. Once the credit score has increased, you
can shop for a new car and home insurance and possibly look at refinancing your car or home and apply the savings to the installment loan to pay it off even faster.
While you are on a roll, analyze your bank statements with a pack of markers to highlight the activity that you could potentially shop around and save money on or that you could delete in your life and continue to add the savings amount monthly to that installment account. Before you know, you will be out of credit card debt!
Here are a few other places you might find money!
Treasure Hunting Ideas:
· Coupon Sherpa
· Retail me not
· Senior discounts
· Kids eat free
· Military Discount
· Student discount
· IRS.gov/refunds to check on refund not received
· Coinstar Exchange- exchange gift cards not used for up to 85% of the value.
· Consignment stores
· Yard Sales
· Pawn shop
· eBay and Craigslist- find items sold low for you to sell high
· Digit-automatic savings
· Giftcardgranny- sell gift cards OR but discounted gift cards for places you frequent
· Target 5% Red card and using cartwheel app
· Secret Flying and Skyscanner for travel
· Groupon and Living Social
· Field Agent and Secret shopping
· Check bank statements for:
· Utilities to cut out or call and request a lower payment
· Unknown charges in account activity
· NSF fees that you can call and request a refund on
· Frequent spots you might be able to get a discount or membership to save money
· Review gas stops and see if you could save going somewhere else
More Apps to save you money:
· Saving Money