“I just spent what I had, and what I didn’t have I would put it on my credit card.'
At the age of 30, Emily Rogers is finally able to start building savings now that she no longer has the weight of $10,000 in credit-card debt on her shoulders.For Rogers, who lives in Seattle and works in fundraising for a private Christian liberal arts college, that debt was a source of shame for a long time.
Rogers is far from the only person to have used this debt-consolidation strategy with success. At the end of 2018, nearly 11% of adults in the U.S. held a personal loan, according to data from Experian. EXPN, +2.04%. The number of personal loans has risen 42% since 2015, making them the fastest-growing category of debt in the country.
Personal loans to consolidate their credit-card debt are less likely to go into default, he added. After 12 months, only 1.8% of those who opened a personal loan for consolidating bank-card debt were delinquent, as opposed to 3.8% of those who did not take out a personal loan. ‘I was ashamed and felt guilt racking up all that debt. I didn’t ask friends or family for help.’ —Emily Rogers, a 30-year-old Seattle resident who paid off $10,000 in credit-card debt with personal loans She initially tried to pay off one of her multiple credit cards using a small personal loan she had received from Prosper, an online lender. Rogers by this point was using between five and seven credit cards, with the annual percentage rates on them ranging between 18% and 25%.
Once the balances were paid, Rogers closed all but two of her cards. Having one monthly payment, rather than managing multiple payments, made paying off the debt feel more manageable, Rogers said.
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