How Taking out a Loan Could Actually Help Someone Get out of Debt This Year

If you popped the cork to ring in 2019 but still have some nagging debt hanging around, chances are you made a mental note of it in your New Year’s resolutions. This is the Year of the Pig on the Chinese zodiac calendar, and that stands for “luck, overall good fortune, wealth, honesty, general prosperity.” Sounds good, right?

Now is the time to make a plan to wipe out your debt before the next trip around the sun. If you are carrying balances on several credit cards, you are likely paying interest up to or even over 20%. Ouch.

Other types of debt, like medical bills, payday loans or anything else may also come with high interest and annoying collection calls.

When you try to pay down multiple bills that are charging interest, your payments can get spread too thin and you may not really be making much progress.

It’s time to consolidate and conquer.

MoneyLion could help you find offers to cut your interest rate by 70% as soon as tomorrow.

Here’s how it works: MoneyLion can match you with new loan offers at a lower interest rate — as low as 5.20% APR*. That’s 70%* lower than the average credit card interest rate. And it’s the key to finally getting ahead.

You can use this new loan to pay off all your existing credit card debt, leaving you with one (cheaper) monthly payment that will help you get out of debt faster.

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. He likes bad puns and won’t apologize for it. He also likes bacon. Catch him on Twitter at @Tyomoth.