My significant other and I were interested in becoming homeowners before the pandemic started. We got pre-approved for a mortgage in 2019 and began looking at properties early in 2020. Then things went haywire. Everything shut down, everyday expenses increased, and mo" />

I Became A Homeowner And Lowered My Credit Card Debt During The Pandemic

My significant other and I were interested in becoming homeowners before the pandemic started. We got pre-approved for a mortgage in 2019 and began looking at properties early in 2020. Then things went haywire. Everything shut down, everyday expenses increased, and money got tight. We started dipping into our savings and using credit cards to get by, which caused our previously approved mortgage offer to fall through. 

Our credit histories were declining by the day as we missed payments and racked up charges. It wasn’t long before our credit utilization rates and debt to income ratio sent our scores plummeting. Desperately wanting to move forward with our dream of becoming homeowners, we realized something had to change. That’s where Bricecapital.com comes in. 

Debt Consolidation

I knew it would be impossible to pay down all that credit card debt on my own, so I started looking for relief. I came across a financial advisory agency named Brice Capital. They provide debt consolidation loans to applicants with high-interest high-balance credit card accounts. The loan would cover the outstanding balance, making it easier to climb out of debt. 

Lower Interest Rates

One of the biggest advantages of taking out a debt consolidation loan was that my interest rates were lower. Instead of paying 25% interest on credit card balances, I paid 20% interest on the loan. That five percent might not sound like much, but the savings really added up over time. 

One Payment

Trying to keep up with multiple credit card accounts was challenging for us. The due dates were so random, and money was so tight that we weren’t always able to pay in a timely fashion. Of course, this led to late fees, which only increased the amount we owed. With a debt consolidation loan from Brice Capital, I only had one monthly payment. It eliminated the late fees, and the monthly payment was also more affordable, saving us even more money. 

Improved Debt To Income Ratio

After about six months of making payments on my debt consolidation loan, the debt to income ratio improved. This improvement then led to our credit score increasing. 

Reduced Utilization Rates

Since we stopped using credit cards and simply paid down the debt consolidation loan, our credit utilization rates also improved. 

Replenished Our Savings

Working with Brice Capital did more than just consolidate our credit card debt; it also enabled us to replenish our savings. Since we saved on interest rates, lowered our monthly payment, and eliminated late fees, we could put money back into our savings account. I was able to secure a side gig which allowed me to put more money towards savings. It wasn’t long before we had enough for a down payment and closing costs. 

A Better Offer

Once we started to see the improvement in our credit histories and savings accounts, we decided it was time to apply for a mortgage. The good news was that many banks and mortgage companies were offering lower rates amid the pandemic. So, we were able to secure a better offer than the first time we applied. 

Things had improved so much that we qualified for a first-time homebuyer program that only required a down payment of $1,000. Not to mention, the mortgage company would cover closing costs. We received a pre-approval, found a property, made an offer, and solidified the deal. 

The pandemic shattered our dreams of becoming homeowners. Everything we had worked hard to accumulate was suddenly gone. We were in over our heads with debt and felt like we’d never accomplish our goals. Then, Brice Capital came to the rescue. Taking out a debt consolidation loan with lower interest rates and one monthly payment saved us so much money. We stuck to the plan, and within a year, we were the proud owners of a beautiful home we will cherish forever.

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