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Refinancing Credit Card Debt

September 9, 2014 by Car Capital

When you’re buried in credit card debt, it can seem like a hopeless situation, but fear not, because you’ve got options.

Refinancing credit card debt is one of the fastest ways to get your head back above water, and is a process that allows you pay off your existing credit card debt by taking out a new loan.

When you refinance credit card debt, your debt isn’t wiped out, but simply transferred to a new loan, oftentimes with new conditions (like a new interest rate, new loan term, and new payment schedule).

Sometimes, refinances can reduce your monthly payments, making it significantly easier for you to get those sent in on time and avoid late fees, or even defaults.

The objective of refinancing your credit card debt is to secure a better debt situation than the one you’re currently in.

Count All of Your Debt

How much debt do you really have?

Do you owe money on a car, a television or student loans? Take an inventory of all of your debt, including the amount of money you owe on all of your credit cards.

These days, most Americans are carrying a significant amount of debt on their credit cards, which makes consolidation and refinancing an attractive option.

Debt consolidation is the process of taking multiple loans and combining them into a single new loan, allowing you to simplify the process of getting out of debt, since you’d only have one payment to one lender.

It’s only worthwhile to consolidate loans that have high interest rates, or which have higher interest rates than what you’re being offered for the new consolidation loan, so be careful about signing up for any and all debt consolidation offers.

You’ll want to retain any loans with low interest rates, since those are relatively cheap. The first step to refinancing your credit card debt is to determine which loans need to be consolidated (if any), and which loans you want to refinance at all.

Budget

Budgeting is the key to making any credit card debt refinance work in the long run.

Once your debt has been refinanced, you’ll still need to keep up with monthly payments, and setting an effective budget is the best way to do that.

When creating your budget, start by using at least six months’ worth of data to figure out how much you’ve been earning, and spending, each month.

Determine where you can make cuts on nonessential expenses, and allocate whatever money you’re able to save toward paying off whichever debt of yours has the highest interest rate.

When looking to refinance your credit card debt, be sure to get quotes from a few different lenders so you can compare interest rates, then choose the option that’ll save you the most money over time.

Possible Penalties

Paying off your current debt in one lump sum may come with pre-payment penalties, so be sure you won’t be hit with excessive fees by pursuing a refinance, or the process could end up costing more money than it saves.

These penalties should be expressed in your initial credit card contract, but if you can’t find them yourself, then call your lender to ask if any fees would apply should be pursue a consolidation or refinance.

When calculating whether or not the refinance process will save you money, don’t forget to include the amount of fees that you’ll be facing.

Seek the Best Lender

Start looking for a lender who’s willing to combine your debts and offer you the lowest possible interest rate.

Most people start by checking out opportunities online, since it’s faster, doesn’t require travel, and allows you to collect details without a lot of logistical headaches, but sometimes the best deals are only available in person.

Talk to banks and credit unions in your area to see if they can help, but no matter who you end up choosing as your new lender, be sure to ask questions about how the process works, what fees you’ll be facing, and what interest rate you’ll be charged.

Pick a lender who you trust, and not just whoever offers the lowest rates!

Consider all of the Factors

Remember, your interest rate is not the only factor that goes into determining the costs of your loan.

Make sure to take into account fees, penalties for late payments, and other costs associated with paying off your credit card debt early, because you may end up finding out that a refinance costs more than it saves.

Car Capital Financial

Want to pay down that credit card debt, but not eligible for or not interested in refinancing it?

Consider a secured personal loan from Car Capital Financial instead.

We’re Southern California’s premiere car title loans company, and have offered our safe, affordable and reliable title loans to SoCal residents for over 15 years.

Our secured personal loans will help you pay off credit card debt, and can be offered in as little as 30 minutes from receiving your first phone call. Title loans are issued based on the borrower’s ability to repay the loan.

With far less paperwork than a traditional credit card refinance, our loans are significantly easier than to obtain (we don’t even require a credit check!) so call us today to find out what we can do for you.

Best of all, we won’t require you to leave your vehicle with us, refrain from driving it, or place any limitations on its use, so you’ve got nothing to lose!

Call us now at 1-888-500-9887 to get the cash you want in as little as 30 minutes.

10 Tips for Paying Off Credit Card Debt Quickly

January 22, 2013 by Car Capital

If you have or have ever owned a credit card, the chances are you know a thing or two about credit card debt. Getting into credit card debt is easily done, especially if you ever need to use it to cover an unexpected emergency such as paying for unforeseen medical bills or in order to prevent your house from going into foreclosure.

Credit Card Debt Can Be a Killer

Paying off credit card debt isn’t so easy, and unless you’re careful in managing it, credit card debt can haunt you for years once you’ve racked up a considerable amount of it. The only main way to avoid getting out of credit card debt without actually paying it off is through declaring bankruptcy, which you likely don’t want to do since that would make it virtually impossible for you to take out a mortgage, get a car loan, or do anything else that requires a check on your credit score.

If you face considerable credit card debt, it’s essential that you begin to pay if off straight away, as this will help you avoid getting into even more debt from compounding interest, as well as helping you to improve your credit score by decreasing your debt to income ratio.

Use these ten essential tips on how to pay off credit card debt to help you get out of the red as soon as possible:

1.      Pay Off Your Debt Gradually

Unless you owe the IRS money (and in this case it’s best to pay your debts off as soon as you can) try to pay off your debt gradually rather than paying it off all at once. Unless you’re tremendously rich, it’s likely that you need money to pay for other things, such as your mortgage or rent, bills, car insurance and other general living costs. Although it is essential that you do pay off your debt, consider starting slowly to get into the habit of sensibly paying off your credit card without leaving yourself in a financial bind.

2.      Know Exactly What You Owe

How many credit cards do you have? Add up all that you owe across all of your credit cards, including store credit cards as well. Once you know exactly what you owe, create a plan of how you’ll begin to start paying it off. Once you know exactly what you owe, you can check your budget and generate a solid plan to wipe out all of your credit card debt. Even though it adds what you think might be an unnecessary step in the process, it will be worth it since it will be easier to follow through with once you’ve got a real plan in writing.

3.      Consider Transferring Your Balance

If you do indeed have credit card debt spread across various credit cards, you may want to consider transferring your balance onto just one card. Shop around for the card that offers you the very lowest possible interest rate, transfer all your debt to that card, and you’ll have reduced the total debt you owe by decreasing your interest rate.

4.      Try to Renegotiate Your Interest Rate

Even if you decide not to transfer your balance you should at least try to renegotiate your interest rate with your credit card company. This can be done by simply getting in touch with the credit card company and explaining your situation. Explain that you are starting to pay off your credit card and that you want to see if a lower interest rate can be awarded as a result. There’s no guarantee that your credit card company (or companies) will agree to lowering your interest rate, but it’s certainly at least worth a try.

5.      Always Pay More than the Minimum

Always pay more than the minimum amount on your credit card each month, as otherwise interest will inevitably skyrocket. Paying the minimum is of course better than nothing, but it won’t do much to help improve your credit score or ultimately get you out of significant credit card debt – so always pay more than the minimum amount each month.

6.      Avoid Tapping into Your Retirement Savings

Avoid tapping into your retirement savings in order to pay off your credit card. No matter how astronomical your credit card debt is, it is highly unlikely that it is bad enough that you should withdraw from your retirement savings. Not only will taking money out of your retirement funds be met by various penalties and fines, but it will also without a doubt mean that you’ll have to spend more time in the workforce. Instead of pulling from retirement, you’d do better to start cutting costs.

7.      Consider a Secured Personal Loan

If you’ve maxed out your credit card and paying off credit card debt becomes a number one priority for you, then you may want consider a secured personal loan so that you can pay off either your entire credit card debt or at least a large chunk of it. A secured personal loan allows you to use something you own (such as your car or your house) as collateral to borrow money. These loans can often be processed much more quickly than traditional bank loans as they usually have fewer application requirements. Although getting into new debt is hardly the ideal solution, in some extreme circumstances it may be the best solution – especially if you can get a loan at a lower interest rate than you’re currently facing.

8.      Start a Savings Account

Ultimately you got into debt by living beyond your means, so to prevent this from happening again, you should strongly consider creating a savings account. Even if you can only put a couple of dollars into your savings account each month, it’s worth it as it will all eventually add up, and you’ll also start to see some interest building as well. Once you have a considerable amount of money in your savings, you may never find yourself in such debt again.

9.      Adjust Your Lifestyle

In addition to creating a savings account, it is also very important that you adjust your lifestyle as this can significantly help reduce your chances of getting into major debt again. Make sure to cut back spending wherever you can. Perhaps this will mean choosing a cheaper apartment to rent, opting for a more reasonably priced insurance plan or being more economically mindful when you visit the grocery store. Look at where you overspend on a month to month basis, and cut back on whatever you can get away with.

10.  Don’t Acquire New Debt

Unless you absolutely have to, try not to acquire any new debt. Stop using your credit card, don’t purchase anything huge that you don’t absolutely need, and don’t take any big financial risks. Make a concerted effort to never use your credit card for future purchases, but to instead live within your means by using your debit card or by paying with cash. This significantly reduces your chances of getting into overwhelming credit card debt, and is perhaps the most important step that you can possibly take toward becoming debt free.

Car Capital Financial

If you’ve tried everything else and you still can’t seem to pay off your credit card debt, then consider taking out a secured personal loan from Car Capital Financial, a leading Southern California car title loans company.

Our car title loans are safe, reliable and affordable, and we can deliver the cash you need in as little as 30 minutes. Our loans do not require a credit check, don’t require you to leave your car with us, and best of all, we promise to treat you with professional assistance and the respect that you deserve.  Title loans are issued based on your ability to repay the loan.

Call us now at 1-888-500-9887 to get the cash you need quickly!

Advantages & Disadvantages of Credit Cards

June 20, 2012 by Car Capital

The Pros and Cons of Having a Credit Card

Chances are you either have a credit card (perhaps you even have several) or that you have had one at some point in your life. Credit card ownership is extremely common, since the cards provide a great way to build credit, but can also be extremely useful in case of financial emergencies.

However, credit cards can also come with a high price tag, most obviously in terms of the high interest rates they charge for late payments. As with all things, there are definite advantages and disadvantages to credit card ownership.

Before you consider taking out a credit card, read over the following pros and cons so that you can make the best financial decision possible:

Advantages of Credit Cards:

Builds a Credit History

In order to buy a house or even a car, you usually need to have a credit history. Credit cards are one of the simplest ways to achieve this. Having a credit card that you pay off regularly allows you to build a great credit score and a solid credit history. This will make taking out a mortgage, a loan to buy a car or renting a property much more easily achievable.

Less Hassle than a Conventional Bank Loan

Using your credit card is essentially the same thing as taking out a loan. As a borrower, you are using ‘credit’ to make purchases and payments which you will have to repay later on. The main advantage of using a credit card instead of a conventional loan is that it can be used for every day purchases and financial activities, and that you don’t have to continue reapplying for credit each time that you need more of it, like you would with a traditional loan. Regular loans can take weeks to be approved and generally involve a huge amount of paperwork, whereas credit cards can often be used on the same day of activation. Credit cards are more efficient, easier, and faster than traditional loans, though they aren’t necessarily used for the same types of financial transactions either.

Great for Covering Emergencies

All of us have to deal with expensive emergencies at one time or another, whether they come in the form of unexpected car maintenance or medical problems. The best way to prepare for such emergencies is to create a financial safety net, and having a credit card is perhaps one of the most straight forward ways that you can protect yourself from these types of financial pitfalls. Although you will have to pay off your credit charges eventually, using it for emergencies will allow you to preserve your savings and give you the chance to pay off your debt gradually rather than having to pay for everything up front (which many people simply can’t afford to do).

Access to Valuable Rewards

Most credit card companies provide some kind of reward scheme that their customers can sign up to participate in. The more that is spent on the credit card, the more rewards are granted. Typically these rewards include restaurant certificates, travel discounts, concert tickets, airline miles or other benefits. One of the many bonuses of having a credit card, reward points can help you save money on your next night out or major vacation.

Better Protection Against Fraud

As a credit card owner, you will have much better legal protection against fraud than you would get from a simple debit card. It can be difficult to legally establish stolen money from checking accounts, whereas with credit cards it is much easier to track down and find the culprits. This makes dealing with identity theft and banking fraud a lot simpler. When something happens to your credit card, you are virtually guaranteed to have the issue resolved and your credit balance restored. On the whole, credit card banking can be a lot safer method than solely relying on your checking and savings accounts.

Disadvantages of Credit Cards:

Credit Card Interest Rates

Credit card companies make enormous profits by lending to customers who are not able to make their monthly repayment, and who then are forced to pay extremely high interest rates. Although interest rates can start off small, the longer you fail to repay your credit card balance off, the higher the interest charges will gather. Interest compounds as well, creating more debt for you by the day, so unless you’re careful about it, you could find yourself quickly facing a staggering debt. One of the biggest disadvantages of having credit card debt is that the interest rates can leave you in the red if you’re not very careful from day one.

Risking Your Credit Score Rating

Although you need to use credit to establish a credit history that will allow you access to bigger loans for larger purchases, you also risk damaging your credit score when taking out a credit card. Keep in mind that poor credit can sometimes be even worse than no credit at all. A good credit score rating is very important for buying property, taking out a lease and sometimes even getting a job. Taking out a credit card which you don’t manage properly can get your credit score quickly crushed, so be sure that you avoid missing payments or you could significantly harm your long-term ability to qualify for larger loans.

Promoting Irresponsible Spending

In many ways, credit cards promote unhealthy and irresponsible spending. Many credit card users make the mistake of relying too heavily on their card and ignoring the fact that they need to make regular repayments to avoid a damaged credit score and huge interest rates. Credit card debt can lead to bankruptcy and has unfortunately led many Americans to lose everything, especially since the recession began. A credit card should ideally only be used for items that the borrower knows they will be able to repay, but many card users over spend, driving themselves into debt that they can’t possibly get out from under.

Hidden Penalty Fees

Very few credit card users read the fine print when they take out a card, and are in turn often surprised when they are hit by ‘unexpected’ fees. Credit card companies are notorious for charging fees for virtually anything and everything that you could possibly do, and for charging unexpected penalty fees for late payments. Credit card companies make the vast majority of their money by charging high interest rates, but they also do quite a bit of business on fees and other penalties that most credit card owners never thought they’d have to pay. Receiving an unexpected charge can be a nasty, expensive shock, but sometimes the credit card user’s only option is to pay it off and move on.

Increased Chance of Identity Theft

It’s true that you are well protected by your credit card company if credit card fraud or identity theft is committed against you, but this is only because there is such a high chance of it occurring. These criminal acts are relatively common occurrences for credit card users, and although you will more than likely be protected from it should it occur, that doesn’t mean it isn’t a huge hassle and inconvenience. Identity theft can involve losses of tens of thousands of dollars which sometimes takes months to rectify, leaving you in a tight position during the meantime. A definite disadvantage to owning a credit card, this is often one of the central reasons people use to not have one.

Summary Thoughts

Ultimately, it’s up to you whether or not you take out and use a credit card. Remember that they come with advantages and disadvantages, some so damaging that they could lead to complete financial ruin. Before taking out a credit card of your own, make sure to consider the pros and cons, and if you do take one out, please use it with caution.

About Car Capital Financial

For immediate financial assistance, call Car Capital Financial today. We’ve provided car title loans in Southern California for over 17 years, and currently work in San Diego, Los Angeles, Riverside and Orange County.

We do not need to complete credit checks, so you can get funds from us no matter how poor your credit score might be. Title loans are issued based on your ability to repay the loan. Find out how a car title loan can save you from financial disaster by calling us now at 1-888-500-9887.

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