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It involves applying for a new personal loan with a lower interest rate than your current debts (especially credit cards) and using it to pay off those high-interest balances. This simplifies multiple payments into one and reduces the total interest paid, helping you pay off debt faster.
Many lenders offer a pre-qualification process using a soft inquiry, which does not affect your credit score. This allows you to see potential offers, rates, and credit limits you might qualify for before you officially apply, helping you choose the best option without guesswork.
This is generally not advisable. While reducing contributions might be necessary, pausing them entirely sacrifices powerful compound growth. It's better to cut other expenses first before halting retirement savings.
By identifying and cutting back on inflated expenses, you free up significant cash flow. This money can be redirected toward accelerating debt payoff, saving you thousands in interest and shortening your time in debt.
They can be if used to consolidate high-interest debt into a 0% APR promotional period. Avoid new purchases on the card, and pay off the balance before the promo period ends.