The numbers are pretty incredible: American families pay an estimated $120 million in credit card fees and interest every year, according to data gathered by the Consumer Financial Protection Bureau. That averages out to $1,000 for every household in the country – money that families are paying just to cover fees and interest payments, separate from payments to lower their balances.
You can understand how people get there. Sometimes life throws us curveballs, and expenses pop up that a family isn’t able to cover with money in their savings or checking accounts. Once people start with credit card debt, fluctuating interest rates and fees can cause that debt to quickly snowball.
Fortunately, high-interest credit cards with unpredictable monthly minimum payments are not the only option for debt consolidation.
At 1st Franklin Financial, customers looking for debt consolidation are relieved to discover other possibilities. Instead of wondering how high their minimum credit card payment might be each month, our customers are able to switch to fixed-rate personal loans that bring a predictable payment schedule to their lives.
With a set payment schedule that they can afford, our customers are able to keep to a reliable budget. Over time, that can lead to real savings – and it eliminates the sleepless nights that unpredictable credit card bills can cause.
So where does someone begin if they want to learn more about converting snowballing credit card debt into a fixed-rate loan?
At 1st Franklin Financial, the process is easy. Potential customers can begin their loan application online, or you can simply stop in at one of our locations for an in-person conversation. At our offices, you are welcome to sit down with our “Friendly Franklin Folks” and take as much time as you need to find exactly the right debt consolidation choice for your needs. You’re welcome to ask all the questions you have and get clear on all the details, so that you’re sure you’ve found the debt consolidation loan that’s right for you.
When families are looking to rein in debt, it’s important to get on a budget. And the only way to get on a budget is to know exactly how much your monthly expenses will be, so you can be sure not to spend beyond your take-home income.
It’s a day-brightener for us to see how these personal loans can help our customers get on a predictable budget and stay there. We love helping people save money and we’re always glad to celebrate those wins for the hardworking folks we serve.
If you’re interested in debt consolidation, come see us and let’s find out together which debt consolidation solutions can help you.