Customized financing to consolidate high-interest debt or fund major purchases or expenses.
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Customized financing to consolidate high-interest debt or fund major purchases or expenses.
Debt can affect your life at any age. However, as you enter your 50s and 60s, its impact can become even more profound. At this point in your life, you’re likely focused on a financially secure retirement, and owing money may interfere with your ability to achieve that. Fortunately, it is possible to pay down your debt and set yourself up for success when you leave the workforce.
There’s a good chance your finances look different as you approach retirement than they did when you were in your 30s and 40s, especially if you’re used to a high income. Now, you may be forced to navigate expenses, such as your mortgage and children’s college while transitioning to a time where you’ll have a fixed income, rather than new funds coming in every month.
It’s not uncommon to carry different types of debt in your 50s and 60s, such as:
Unfortunately, a high interest rate on a loan will lead to larger monthly payments and increase your overall cost of borrowing. For example, imagine you have $27,845 in credit card debt with a 27.89% APR. If you make your monthly payment of $1,150 over 36 months, you’ll have paid $13,559.14 in interest.
If you refinance your credit card debt through a personal loan with a 12.18% APR, your monthly payments will go down to $927. Over a 36-month period, your total interest charges will come to $5,535.93. By simply refinancing, you’ll have saved $8,023.21, which you can put toward your retirement savings or any other financial goals you might have.
Debt can hinder your ability to invest for retirement. After all, when you spend your hard-earned money on loan payments, you’ll have less to contribute to your 401(k), IRA, or other retirement accounts. This can minimize long-term investment returns and, in some cases, even delay your retirement, likely resulting in financial stress.
Refinancing refers to the process of taking out a new loan to replace an existing one, usually to take advantage of a lower interest rate or more favorable terms. While many people associate refinancing with mortgages, it can also be used for credit card debt.
Through debt consolidation, which is a type of refinancing, you can combine all your credit card debts into one payment, streamlining the payoff process and ideally, saving money on interest charges and maybe even lowering your monthly payment by extending your terms. When used appropriately, it can be a powerful financial strategy if you’re ready to pay off debt in your 50s or 60s.
To take advantage of refinancing, most lenders will check your credit and look for a high score that shows you’re a responsible borrower. They may also require proof of stable employment and a strong income. Essentially, if you’re in good financial shape at this stage in your life, you’ll likely get approved.
When you take out a debt consolidation loan, you use the funds to repay several high-interest debts, such as credit card and medical bills. From there, you’ll make one, convenient monthly payment to pay off the loan.
The goal is to simplify your debt repayment and save money on interest in the process. You may also improve your credit utilization ratio, and in turn, boost your credit score. Most importantly, however, you can free up your mental bandwidth and reduce financial stress during these critical pre-retirement years.
While fixed-rate personal loans for debt consolidation can help anyone, they’re particularly beneficial if you’re in your peak earning years and have a specific retirement date in mind. With a debt consolidation loan, you can enjoy lower monthly payments that give you more breathing room in your budget and the opportunity to contribute more to retirement accounts or your emergency fund.
Specifically designed for professionals with strong credit profiles, BHG’s debt consolidation loan offers competitive fixed rates. Furthermore, you don’t have to provide collateral and you can access up to $250,0001 to cover large balances across multiple accounts. Plus, the application process is fast. If approved, you can expect to receive your funds in as few as five days,2 much quicker than you would with a traditional bank loan.
Once you consolidate your debt with a personal loan, you’ll have more cash at your disposal. These extra funds can give you the chance to catch up on your 401(k), IRA, or other investment accounts.
Debt consolidation may set you up for less stress and more fulfillment in retirement. After all, the less you have to put toward loan payments, the easier it’ll be to make the most out of your fixed income and live life to the fullest.
There’s no denying that debt can make you anxious about your financial future, especially as you approach the fixed income years. Fortunately, consolidating it with a personal loan may resolve this problem, ultimately creating a clear path to a debt-free lifestyle.
By refinancing now while you’re in your peak earning years, you can streamline the debt payoff process, save a significant amount of money on interest, and catch up or simply boost your retirement savings.
As you explore your options before debt becomes a retirement hurdle, consider the BHG debt consolidation loan. You can borrow up to $250,0001 with a low, fixed APR and get funded in as few as five days.2
If you’d like, a U.S.-based loan specialist can answer any questions you may have, make solid recommendations based on your specific circumstances and retirement goals, and guide you through the process. What are you waiting for? To get started, check your rate today, with no impact to your credit.3
Not all solutions, loan amounts, rates, or terms are available in all states.
1 Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile.
2 This is not a guaranteed offer of credit and is subject to credit approval.
3 There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit.
No application fees, commitment, or impact on personal credit to estimate your payment.
Consumer loans funded by Pinnacle Bank, a Tennessee bank, or County Bank. Equal Housing Lenders.
For California Residents: BHG Financial loans made or arranged pursuant to a California Financing Law license - Number 603G493.
IMPORTANT INFORMATION ABOUT ESTABLISHING A NEW CUSTOMER RELATIONSHIP
To help the government fight the funding of terrorism and money laundering activities, Federal law re-quires all financial institutions to obtain, verify and record information that identifies every customer. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, social security number and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. If all required documentation is not provided, we may be unable to establish a customer relationship with you.