Ever since the 2008 recession, consumers are increasingly aware of debt and the threat it can be to a person’s financial situation. According to Experian, the average American had a credit card balance of $6,375 in 2017, up nearly 3 percent from the previous year. And according to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone, with the average student in the Class of 2016 carrying $37,172 in student loan debt.
With the threat of compounding debt looming over many, crypto investors now have a way to leverage their cryptocurrency assets towards paying down their high-cost debt. This is also referred to as refinancing debt, where a borrower takes out a new loan at a lower cost to pay off a more expensive loan.
ICCL allows crypto investors to refinance debt using their digital assets without having to sell.
Paying Down Credit Card Debt with Crypto
Credit card debt delinquency rates skyrocketed during the Great Recession in 2008. In the aftermath, we saw those rates begin a steep downtrend. Now, over ten years later, the number of Americans defaulting on credit card debt is rising, according to CreditCards.com.
For crypto investors, there is now a way to pay down your high-cost debt with a lower-cost loan from ICCL. A ICCL interest rate starts at 4.5%.
Don’t just take it from us. Clients are already having success relieving their debt burden.
‘It feels great to have my crypto be recognized as a real asset, which can used as collateral,’ said Casey R, a first-time ICCL client. ‘I’m going to be able to immediately pay off a credit card I’ve been carrying a balance on.’
Can I Pay Down Student Loan with Crypto
Student loan debt can add up fast. Rates for student loans continue to grow, with interest rates rising for the 2018-19 school year. Depending on your credit history and other variables, your loan can be a burden in the long term. Additionally, most student loan debt carries higher monthly payments, even in situations with longer loan terms.
According to NerdWallet, some student loans have interest rates up to 14.53%.
Image Source: NerdWallet.com
For a growing segment of the population, paying down student loan debt with crypto is becoming a reality. With ICCL, our client service team works closely with each of our clients to get the best rates for everyone’s financial situation. For example, a $50,000 loan over 10 years has payments of $530 per month, compared to $354 per month over 1 year with ICCL.
ICCL clients often contact us to discuss refinancing debt with crypto assets. In some cases, we are able to offer more competitive interest rates and APR than their existing debt. Additionally, since ICCL has interest-only payments, the price of the loan become significantly more manageable. By lowering this monthly cost for our clients, we make it easier for them to get back to a healthy financial situation. Click here to learn more about how interest rates and APR are calculated.
Why apply for a loan with ICCL?
At ICCL, we understand the frustration that comes with paying down debt. Our team of lending professionals work closely with clients to make sure that they’re getting the best possible rates. The best part? It takes less than 2 minutes to apply.
If you have any questions about ICCL or how our loans work, please contact us at [email protected]. We love hearing from you.