Improving Your Personal Finances

If you're looking for a fresh start with a new chapter in your life, you probably aren't thinking about how credit can help. But, in fact, a well used personal loan can get you started in your next life phase and result in boosted income, more fulfillment, and a more stable financial life. Here are 5 ways to make that happen.

Go Back to School. Student loans are a serious burden, and they may not be easy to come by for nontraditional students. But a personal loan has less onerous repayment terms, being dischargeable in bankruptcy and not locking you in for many years. Getting a degree or adding to your skills increases your income potential for life.

Consolidate Debt. If you already have a consumer debt load that is becoming unmanageable, you may not know how to get out from under this burden. A consolidation loan generally lowers monthly payments by lumping the debt together as one and carrying a lower interest rate. Then, you can start to move forward in getting your household budget in hand and saving for the future. 

Start a Business. A side hustle is one of the best ways to increase your income or even work toward a more fulfilling career choice. If you've been putting off pursuit of a second income stream, a personal loan can get you started. Purchase equipment and tools, rent a space to work, or hire services to get you on the road to entrepreneurship.

Buy a Rental. Rental income is another great way to create a second income with little daily effort. But saving for a down payment on a rental unit is hard. A personal loan can help you get past that hurdle and start earning as a landlord. Be sure to stay under the preferred overall debt levels by ridding yourself of other consumer debt first.

Move. Are limited career prospects and earning potential in your area holding you back from making a higher income? Then it may be time to relocate to a job market that works better for you. But moving is also expensive — often running in the thousands of dollars between actual moving costs and new housing deposits. A personal loan can help bridge that chasm and make a move more possible. 

Which of these five ideas can help you stabilize your financial life and gain you a fresh start in your life? Whatever you choose, a strategic personal loan could be your ticket to a new start. Contact a business like Frontier Community Credit Union to learn more.