Feeling overwhelmed by debt? You’re not alone. In addition to mortgages, car loans, and credit card debt, more Americans than ever are drowning in student loan debt. We’re paying thousands of dollars a year in interest while barely making a dent on the principal. But here’s the good news: you don’t have to just sit there and let debt control your life. A game-changing startup called Credible is using tech to make it unbelievably easy to refinance student loans—not to mention other kinds of debt—with just a few clicks.
If you’re still reading this, we probably don’t need to tell you that the student loan debt crisis is crippling the U.S. economy. As of 2020, there are an estimated 44.7 million borrowers on the hook for a mind-boggling $1.56 trillion in student loans, with an average debt of $32,731. In fact, student loans now constitute the second-highest debt category, right behind mortgages. At the rate things are going, some experts are predicting that 40% of all borrowers will default on their student loans by 2023. And already a whopping 32% of people who file for bankruptcy have significant student loan debt.
All this debt isn’t just affecting individuals and households. It’s weighing down the entire economy. When people are crippled by debt, they can’t save for a downpayment on a home, or qualify for a mortgage, or get a loan to start a small business. And all of that stuff drives economic growth.
Then there’s the social impact of debt. More and more people are holding off on getting married and having kids because they don’t feel they’re in a strong enough position financially. In fact, 13% of people between the ages of 20 and 45 said they decided not to have kids because of student loan debt. And this sort of thing can have a major impact down the road, as society starts to grapple with a generation of older parents.
Unfortunately, what most people don’t realize is that there are steps you can take to reduce the burden debt places on your shoulders.
In the past, refinancing student loans or any other kind of debt required a ton of leg work. You’d have to call around to a bunch of different financial institutions, provide your financial information to each one, and get individual quotes from each one. The whole process was incredibly tedious and designed to maintain the status quo.
Credible was created to turn this system on its head.
Credible is not a lender or a bank. It’s an online marketplace for student loan refinancing options. It allows you to compare multiple lenders side-by-side based on the criteria that are most important to you, such as total repayment amount, APR, repayment options, and monthly payment. All you have to do is fill out a simple form and in just two minutes you will receive up to 10 personalized prequalified offers.
Some loan comparison sites only provide you with generic information about their products, which means the rates listed won’t necessarily be available to you. That’s what sets Credible apart. When you use Credible, they perform what’s called a “soft credit inquiry.” This type of credit inquiry does not affect your credit rating, but it does allow Credible to provide actual personalized quotes. Only after you choose to sign with a specific lending partner will the typical “hard credit inquiry” be performed. But by that time your rate will already be locked in.
With Credible you can refinance federal, private, and ParetnPLUS student loans, lowering your interest rate or reducing your monthly payment. On average, people who use the service cut the interest payment on their student loan by 37 percent.
Credible doesn’t just help people refinance student loans, either. They can also help you refinance mortgages or find new student loans, new personal loans, and new mortgages.
So if you’re drowning in debt, don’t wait another day to take action. Fill out Credible’s simple online form, get your personalized refinancing options, and regain control of your life.
Futurism fans: To create this content, a non-editorial team worked with an affiliate partner. We may collect a small commission on items purchased through this page. This post does not necessarily reflect the views or the endorsement of the Futurism.com editorial staff.