Credit Card Debt; it is the bane of our existence, especially when you are struggling to get out from underneath it. Not only does it leave you owing a lot of money sometimes, depending on how much you have spent on them, but it also makes a huge dent in your credit score. According to Experian, credit utilization accounts for 30% of your FICO score. You know, that number lenders look at when trying to approve you for mortgages and car loans?
Credit card debt can disrupt your entire life, especially if you are actively trying to get one of those major loans. There are tons of tips given by experts on how to tackle credit card debt, but sometimes you are so far buried it can seem futile. Even if you are making minimum monthly payments on those debts, and aren’t using any more of it, the interest rates alone will keep your balance going up.
This is when people turn to debt consolidation loans, and with Dune Ventures you can get a loan specifically made for credit card consolidation. So instead of paying multiple credit card payments, and dealing with multiple interest rates. You are making one payment, and worrying about one interest rate, one that is on average 50% less than the one you are currently making. When you consolidate your credit card debt, paying them off in exchange for a single loan and payment, you are lowering your credit utilization, which increases your credit score.
Dune Ventures offers unsecured low-interest debt consolidation for eliminating credit card debt so that you can get your finances back in order. So what happens AFTER the consolidation? Well, that’s where the financial education and responsibility classes should come into play. Chances are, your credit card debt came as a result of bad spending habits, and even if they didn’t, financial responsibility is something everyone should be eager to learn more about.
Financial laws change, credit card interest rates change, bank policies change, and by furthering you financial education, you can keep yourself ahead of the curve and avoid falling back into the pit of credit card debt. One program that I really love is the Dave Ramsey Total Money Makeover. In it, you are taught about financial fitness, with proven steps to keep you on a healthy financial track.
You could easily combine Dune Ventures and Dave Ramsey, to achieve your goals. Let Dune Ventures kickstart to financial freedom, and allow Dave to teach you how to keep it in check. My husband and I are currently doing the same thing, in hopes of getting our credit scores to a point where we can buy the house we want for our family to finally get out of the rent race.
Aside from my student loans, our greatest debt is credit card debt, and it is not only financially draining, but also mentally draining to make so many payments and see the balance going down slowly. I am yearning for fast results, but often have to stop and remind myself that this is like the tortoise and the hare…slow and steady wins the race!