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Looking to consolidate credit card debt with a loan? Now’s a bad time to get a loan. Just in 2018 alone, interest rates have gone up four times. In 2019, the Federal Reserve is projecting that interest rates go up another three times.

Do you really want to take on more expensive debt?

What if there was a way to eliminate 100% of your current interest and reduce the balances? And if you could go this route even with bad credit? This option is HERE! And it’s not bankruptcy. Not even close!

You actually have more than just one option. You can reduce interest rates with consumer credit counseling. You can reduce your balances with debt settlement. And with debt validation you may end up not having to even pay the debt.

When is using a debt consolidation loan a smart move?

Only consolidate your debt with a loan if it’s a low interest and fixed rate loan. Credit cards and loans that come with a variable rate can end up increasing your interest rate every time the Federal Reserve raises rates. Right now is a bad time to get any type of loan that has a variable rate.

To qualify for this type of loan you need to have good credit. If your credit score is under 700, there’s no way to get this type of low interest loan. Unless you are looking to consolidate federal student loans, but that’s another story. Anyone can consolidate student loans at, even with bad credit.

Before you get a loan, every financial expert online will tell you the same thing, first talk with either a credit counselor or a reputable debt relief company.

Here at Golden Financial Services you can take advantage of a free consultation with an IAPDA certified debt expert.

See if you qualify for relief. If eligible, you can choose how fast you want to get out of debt and sign up with ease. Plans range from 18-48 months long. Give us a call right now at (866) 376-9846



Credit Card Loan VS. Debt Relief Programs

Consolidate Credit Card Debt w/Loan: (Synonyms: Credit Card Loans, Debt Consolidation) – using a loan to pay off your existing credit card balances can reduce your overall interest rates, but only if the interest rate on the new loan is lower than the average interest rate on your existing accounts.  

To get a low-interest loan to pay off credit card debt a person’s FICO score needs to be above 700. If your FICO score is below 700, you will not get approved for a consolidation loan.

Also keep in mind, if you’re struggling to pay off debt, is obtaining more debt really helping the situation?

Using a loan to pay off existing credit card debt, is merely swapping debt from one account to another. You still have the debt and must pay the entire balance back.

What we are about to show you is a solution to your financial problems, not just a temporary fix. Personal finance can be a tricky subject. So today, we will simplify everything for you.

Is your goal to have good credit?

If you have maxed out credit card debt and can barely afford minimum payments, a loan is not what you want. Having high balances negatively affects your credit utilization ratio and credit score.

You would be better off – eliminating all of your interest and reducing the balances on each of your accounts, over getting a loan.

By completely removing your interest rates and lowering the balances, that’s how you can put extra dollars in your pocket and get out of debt fast. Once you become debt free, then worry about having good credit.

Before you get a credit card loan, check out the following debt relief options.

Credit Card Loans & Alternative Options



Which is better; a personal loan or a home equity line of credit?

A home equity line of credit can be used to pay off credit cards and for anything that you want to use it for. You are not required to use a home equity line of credit to fix up your house.

What’s great about a home equity line of credit, is the fact that they usually come with lower interest rates compared to the interest rate on a personal loan from a bank.

Therefore, using a home equity line of credit to consolidate your credit card debt is a much better option than getting a personal loan.


Using a Credit Card to Consolidate Existing Credit Card Debts

Here’s when using a credit card to consolidate other credit card debts can be a good idea …

Some credit card companies are offering “zero percent” interest for the first 18 months, as an introductory rate.

You could transfer your other credit card balances onto the new card that has a zero percent interest rate and as long as you pay the balance off inside 18-months – you can escape the high interest that you are currently having to pay on the existing cards.

Try this credit card calculator to see all of your options.


Call 866-376-9846 to sign up for a debt relief program that can eliminate all of your interest and reduce the balances. 


With an unsecured personal loan, you can pay off your high-interest credit card debt and consolidate it into a single monthly payment with a fixed, low rate. However, now you are required to pay back the full amount of what is owed, plus interest, just less than what you may be paying now.

Downsides to Consider Before Getting a Credit Card Loan

  • Watch out for hidden fees with loans! Look at the positives and the negatives with whatever option you decide on.
  • Paying back a loan may improve your credit score. However, taking out more debt, to pay off debt, can be counterproductive, and especially if you are barely able to afford minimum payments.
  • Are you prepared to pay back a loan over 5-10 years, that’s the average payback period on a credit card debt consolidation loan.
  • Can you afford to pay minimum payments or more? Credit card loans will give you a monthly payment of around the same as what you are currently paying towards your existing credit cards.

Before you get a credit card loan, learn about all of your debt relief options; including, debt settlement, debt consolidation, debt validation and consumer credit counseling.

Need Help With Third-Party Debt Collection Accounts?

Be careful not to pay an old debt that could be past the statute of limitations. If the debt is already expired you could legally walk away from it without paying.

What about a balance transfer card?

Using a 0% balance transfer card can save you money if you pay off the entire balance before the rate goes up. With balance transfer cards the rate will go up after either six, twelve or eighteen months. Also, there’s a 3%-5% up-front fee that comes with these cards. Don’t forget to add this fee into the equation.

If you transfer $25,000 of credit card debt onto a balance transfer card that would equal an upfront fee of $1,250.

Do the math before applying for any type of credit card loan and go with the route that will save you the most.

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