These days it's easier than ever to get into debt. If you think about it, at many points in your life you're actually encouraged to go into debt:
When you apply to college, students are signed up for student loans almost automatically to cover the cost of tuition and most students don't even comprehend the burden they're taking on.
When you buy a house almost everyone has to take on debt. This is partly because houses are so expensive that very few people can buy in cash but also because it can be so easy to get approved for a mortgage.
When you buy a new car most dealerships will advertise long repayment terms with low monthly payments to encourage people to buy the most expensive option.
The point is that it is so easy for debt to sneak into your life and take over. However, just because it is easy, does not mean that having debt is good. In fact, having tons of debt can have a drastically negative impact on your life. Let's take a look at a few ways that debt can damage your life.
How debt negatively impacts your life
There are many different ways that debt can negatively impact your life. In fact, it is listed as one of the top things that cause people to stress. Here are a few ways that being loaded with debt can damage your life:
Lowering your credit score
Having lots of debt (even if you have a plan to repay it) can drastically lower your credit score. This happens because banks and credit bureaus will see all of your other obligations and question whether you’re able to meet them. They will assume that you haven’t repaid your past debts because you are unable to. This discourages them from lending you any more money.
Potentially getting evicted
There are two ways that this could happen. If you own your home but are unable to pay off other debt then they could repossess your home as a form of payment. If so much of your income is going towards repaying debt then it may make it more difficult to pay your rent on time. This could lead to your eviction.
Damaging your social life
Money is one of the leading causes of divorce in the United States. In particular, having outstanding debt creates a particularly rocky situation because it creates constant stress. Additionally, having debt can make other partners see you as having too much “baggage”.
If any of this has sounded similar to things that you’re experiencing then one thing is for certain...you need a way to get out from underneath this immense burden.
Luckily, getting out of debt is much easier than it sounds. In fact, we help people do this all the time. In the moment we know that it can feel helpless and overwhelming. However, we are determined to get you back on the right track and remove this burden from your life. After giving us a call, it will feel like trying to run a mile after you have lost 30lbs.
When it comes to getting out of debt, we have just the perfect solution for you.
What is a personal loan?
We realize that too many loans might be the reason that you’re in debt. However, personal loans are different because of their flexibility. You can actually use a personal loan to repay other loans in a strategic way. Personal loans are unique because they have the ability to help you pay off other debt that you might have, save tons of money in interest, as well as finance large purchases.
Simply put, a personal loan is a loan that you take out for personal use or expenses. We will touch on this more in a second.
How can I use a personal loan?
Technically, you’re able to use a personal loan for any type of personal use. However, keep in mind that you’re still going to need to apply for one at a bank or other lender. This means that it’s important to have a legitimate reason for applying for one.
Here are a few of the most common reasons that people use personal loans:
This is one of the most effective ways to use a personal loan. The process is actually pretty simple. Basically, you are taking out a low-interest loan and using that to pay off smaller loans that carry higher interest.
For example, say you carry debt on 2-3 credit cards that you’re paying 18-25% on each month. You could take out a personal loan and use that to repay all of your credit card debt. Now you only have one loan to repay and you are most likely only paying 4-6% on it. This can save you tens of thousands of dollars in debt over the course of your life.
Cover an emergency expense
Lots of people will turn to their credit cards in an emergency. Although this may get the job done, it can lead to a situation like we saw earlier where you’re paying incredibly high rates on interest on credit card debt. Instead, you should consider taking out a personal loan to cover that expense.
Finance large purchases
Personal loans are actually good options to cover most large expenses. One of the best examples of this is to cover your moving expenses when moving to a new area. Sometimes people can be required to relocate when starting a new job. They know that they will have income coming in but just need to cover their current expenses. Personal loans can be helpful here.
These are just a few ways that personal loans can act as a solution to your debt problems. There are even more different ways that they can help!
Use our comparison calculator to see how much you would be saving
How do I get approved?
The approval process to get started with a personal loan is incredibly easy. If this sounds like something that you really need, we can even get you a quote in as little as a few hours Here is the process to get started:
Give us a call
The first step is to give one of our associates a call. This way we will be able to diagnose your situation and make sure that you are making the best decision. There is also a chance that a personal loan is not the best decision. Either way, we will let you know.
Receive your quote
If it makes sense for you to use a personal loan to fix your debt problems then you can expect to receive a quote in as little as 48 hours. This is the advantage of using Ascent Funding instead of trying to go through a bank. We believe in quick solutions and want to help you solve your problem as quickly as possible.
Get a solution for your needs
Once getting approved, you will be on the path to getting out of debt! From there, it will just take a little time and patience.
Our Clients Love Us
“Ascent Funding completely saved me! I was running out of options and wasn’t sure what to do. Luckily, one of my friends pointed me in their direction and just a few days later I was in a much better place financially.”
“The representatives at Ascent Funding were incredibly professional throughout the entire process. I was a little nervous to call at first but I’m so happy that I did. The entire process was low pressure and extremely informative.”
“I had been really struggling with my debt until I heard about Ascent Funding. They definitely live up to the high expectations that I had! In what felt like no time at all they had a good understanding of my needs and recommended the perfect solution to help me restructure my debt.”
Interested? Give us a call today!
Interested in getting started with a personal loan? You should be! They are one of the best-kept secrets in banking and we help people use them strategically every day. If you’re interested in getting started or simply have a few more questions that you want to be answered, please do not hesitate to give us a call!
We will be able to answer your questions quickly
It’s free to call and always will be! We do not use sales tactics or pressure you into making any decisions.
We can use our experience from helping thousands of other people in a position just like yours to point you in the right direction. There is no story that we have not heard.
Please Contact Us With Any Questions
Our associates are always happy to chat even if that just means explaining a little bit more about the process. The best way to reach us is to use the number below. Let us get started finding a solution to your debt problems today!