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Paying off Debt

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finances5

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Hello everyone,

I currently have some debt with one credit company and have been paying off on a monthly basis. However, I'd like to try to speed up the process or reduce the interest rate.

When I looked into the possibility of transferring the balance from one credit company to another, this is what I was told:

"Your interest rate will be determined upon approval, which is based on the information provided on your application as well as your credit history."

They got me thinking "How would I know in advance that the rate that will be agreed upon will be lower than the one I have with the current credit company?".

I also looked into the possibility of borrowing from a lending company. However, my application was not accepted cause the debt / income ratio wasn't lower than a certain %. Although when I did the math, I did not think I was that far off the mark. And did ask them if there was a way I could get info on how much debt would I have to pay in order to make the debt / income ratio go lower than a certain %? They said it was based on an automated system.

Anyone, have any advice on what I could do with the current dilemma?

My current credit company charges 15.24 % interest rate.

I'd appreciate it. Thanks in advance!
 
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Stop Peeking Through the Keyhole.
Open the Door.

You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.

  • Active Daily: Life-changing content posted dozens of times every day. No dead threads.
  • MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
  • Vetted Network: Connect with founders scaling to 7 and 8 figures.
  • Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."
— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."
— User Richard Peck

"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?

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