How to Start Paying Down Debt in as Little as 3 Minutes

Debt is haunting.

What’s even scarier is how easy it is to fall into the cycle of owing money that you spent, but don’t actually have.

You promise you’ll pay yourself back on payday, but we all know that’s a slippery slope.

However you ended up in this place, you’re here. But you’re not alone.

Last year, American credit card debt hit a record high — more than a trillion dollars, according to CNBC.

That’s a lot of zeros, debt, overspending, and on my end… shopping trips.

So, the looming question: How do you get out of this hole?

Paying Down Credit Card Debt Is Actually Possible

Every month, you make payments toward your credit card debt. But you never seem to make a dent. It’s because of those sky-high interest rates — as much as 24% interest. It can feel impossible to get ahead.

But 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, then you’ll be left with one (cheaper) monthly payment that will help you get out of debt faster.

If you have a credit score of at least 620, you could get up to $100,000. With no collateral. And terms go up to 144 months.

Worried you won’t qualify? Take two minutes to check online and see if you could cut your credit card interest rate by 70%.

*Based on creditworthiness. Average credit card interest rate is 24.72% as of 8/14/23, according to Forbes Advisor’s weekly credit card rates report.

Farrah Daniel is a former editorial assistant at The Penny Hoarder.