If you joined the military as your first job, you may have started earning more money than ever before. Excited about your new paychecks, you started buying things and opening credit cards. A few years later and you find yourself with some debt that you would really like to pay off. There are ways to consolidate debt that can help you save money.
There are 3 options to find savings:
Are you a Homeowner? Use Your Military Status for Savings
If you are a homeowner, you can use your military status to apply for a VA Cash-out Refinance. This allows you to use the equity you have built in your home to take cash out and pay off debts like credit cards. Since there are lower closing costs for VA loans, you will find monthly savings because of lower interest rate and longer terms to pay back your mortgage.
Not a Homeowner, but Have Good Credit?
Consider using a personal loan to consolidate your debt. Personal loans are a great tool to combine your debt at a lower interest rate. While most credit cards have a 18-24% APR, a personal loan can offer a fixed payback period around 6-8%. This can help you cut down on interest payments and tackle the principle of the debt you owe. It’s nice to know the end date for your debt too.
Worried about Your Low Credit?
Don’t worry. Millions of Americans get into some financial trouble. Taking control of your finances is the best way to get back on track. If you have low credit (below 640 score), considering using a Debt Relief or Credit Repair service to start rebuilding your credit today.
If you are not ready to fill out any forms today, you can sign up to receive money saving tips and offers from My Lendingtree. My Lendingtree offers credit monitoring and advice to find savings and increase your credit score. You’ll always get to see your credit score for free.