No one should pay more interest for their debt than they absolutely have to.
If you can’t pay off debt using your existing assets, the next best option is to exchange it for lower interest rates until you can pay it off.
Shifting your debt from a higher-interest account to lower-interest account is called “optimizing” your debt. Optimizing certainly doesn’t make debt disappear, but it can save you a bundle in interest!
Here are 4 low-interest options that can help you get out of debt much faster:
Option #1: Prosper
Prosper is an online lending platform where borrowers get unsecured personal loans through a network of lenders.
Prosper launched in 2006 as the first peer-to-peer lender in the U.S. and has originated over $250,000,000 in loans.
You can use a low-rate Prosper loan for debt consolidation, home improvement, autos, small business investment, wedding expenses, or anything you like.
Right now loans are as low as 5.99% and investors can earn a seasoned average of 8.89% APR. Learn more about how to invest through Prosper.
Option #2: Lending Club
Lending Club is an online lending platform that brings borrowers and investors together. They have generated over $400 million in loans since founding in 2007.
Borrowers can get rates as low as 5.99% APR unsecured personal loans of up to $35,000. Use a Lending Club loan for just about anything you need, such as buying a home or car, planning a wedding, taking a vacation, or relocating for a new job.
Option #3: Balance Transfer Credit Cards
Using a balance transfer can be a smart way to manage your debt–if you use it wisely. They allow you to save money and pay off debt at a much lower interest rate each month.
Balance transfer cards offer a promotional period (such as 6, 12 or 18 months) when you’re charged little or no interest. You simply use an online form or a convenience check provided by the new card company to transfer the debt and save money right away.
Balance transfer offers are always changing so do your homework to find the best one for your situation.
Option #4: Simmons First Visa
The Simmons First credit card offers one of the lowest rates in the industry with no annual fee, global acceptance, free Travel Accident Insurance, Auto Rental Insurance worldwide, and more.
Finding a loan or credit card with the lowest interest rate (and combination of benefits that makes sense for your situation) will help you save money and improve your entire financial life.
How to Build Your Credit Score
But what if your credit score isn’t high enough to qualify for the lowest rates? Make a commitment to boost your score. Click here to get several of your scores for free (as often as you like) with no strings attached or monthly fees.
You can get 3 top strategies to raise your credit score by downloading this free multimedia tutorial: The Credit Score Survival Kit
