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Consolidating 50 000 credit card debt

“I was barely floating.” An account manager at a tech security startup, Katherine fell in love with the job and “worked my ass off.” Her biggest financial goal was working hard enough to earn a pay raise.She capitalized on opportunities for growth, and got results. It led to an offer for a new role with a substantial pay raise.“I don’t have the savings account with five zeros in it right now, but that’s the goal — someday!” Once that’s in place, she hopes to start paying extra on her personal loan and getting the balance down faster.“I was on a treadmill of debt that had no destination,” she says.

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There was no origination fee, and with 10.24% APR (less than half of her credit card rate), she’s saving big-time on interest.But she got more than she bargained for: Before long, she was deep in debt.“I didn’t understand what a credit card meant until it was too late.” Katherine figured if she tried to limit her credit card spending and paid her monthly minimum (or more) each month, she was handling her credit card well.Her roommate sat her down, “talked to me about consolidating my debt, and helped me calm down.” The roommate didn’t ask for many details.She simply said, as Katherine recalls: “If it’s bad, you need to come to terms with how bad it is. And then you need to come up with a solution to tackle it.” Her roommate directed Katherine to research loan options on So Fi’s site.After scraping by for a while on entry-level salaries, it was a huge boost for Katherine’s finances.Now that Katherine has her credit card debt under control and is earning more, her monthly cash flow is in a much better place.After looking at success stories and playing with a loan calculator, Katherine felt like this could be her solution.The numbers made sense, so “I figured, why wouldn’t I do this?Around the time that Katherine consolidated her credit card debt with So Fi, she also had a win at work.“When it comes down to being an adult and living in such an expensive city, that entry-level pay is just not enough,” Katherine says.

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  1. Mar 10, 2015. Sleepless nights. A knot in the pit of the stomach. A gnawing sense of unease. Charles Phelan was familiar with the physical and emotional toll of debt. But usually it was his clients who were experiencing those symptoms. This time, it was his turn. He owed more than $50,000 in credit card debt and knew it.

  2. A personal loan offers some advantages over balance transfer cards. Fixed payments ensure you'll pay off debt on a set schedule. Borrowing limits are typically higher; some lenders offer loans of $50,000 or more. In addition, a personal loan may improve your credit if it means your credit card balances shrink relative to the.

  3. Nov 11, 2013. Catherine Fitzgerald* had been in debt all of her life—to the tune of $100000. Here, she explains how she got there in the first place, and how she paid off her last credit card by age 40.

  4. Jan 14, 2014. I was $30,000 in debt with no savings, but plenty of bad money habits. How did I get into that position? For the most part, it was unconscious spending. The $29,500 I earned as an entry-level assistant in the television industry wasn't enough to live the life I wanted, and I was dipping into my credit cards to.

  5. Lauren Bowling, a personal finance blogger, paid off $8,100 of credit card debt in just three months by freezing her spending and taking on side gigs. Eliyah Eells and her. It can help you borrow up to $50,000, potentially with better terms e.g. lower interest or lower monthly payments than traditional lenders. If managing.

  6. Approved accounts will have a credit line between $500 and $50,000 based on creditworthiness. Next to “.off high interest rate debt” there is an mark that refers you to this statement. We may prohibit use of this account to pay off or pay down any account issued by FIA Card Services, N. A. FIA Card Services is the name.

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