Priority Plus Financial

  Priority Plus Financial on Why Paying Off High Interest Rate Credit Cards with a Personal Loan May Be a Smart Move In the current financial landscape, credit cards have become indispensable tools for the average consumer. While their convenience and rewards can be beneficial, it is important to understand that high interest rates associated with credit cards can lead to substantial debt. For many individuals, the burden of credit card debt is a source of immense stress and financial strain. This article discusses the rationale behind using a personal loan to pay off high interest rate credit card debts and why it might be a smart move for certain individuals. Understanding Credit Card Debt Credit card debt accumulates  when individuals are unable to pay off their credit card balance in full every month. As a result, interest charges accrue on the outstanding balance, causing the debt to grow exponentially. Credit card companies typically charge annual percentage rates (...

  Priority Plus Financial on Why Credit Card Debt is Difficult to Pay Off Credit card debt is one of the most common types of debt in the world today. With the rise of consumerism, credit cards have become an essential part of our daily lives. The ability to buy now and pay later has allowed consumers to indulge in their desires without considering the long-term consequences. However, credit card debt can be a significant burden for many people. Paying off credit card debt can be a daunting task that requires careful planning and discipline. In this article, we explore the reasons why credit card debt is so difficult to pay off.   High-Interest Rates One of the primary reasons why credit card debt is so challenging to pay off is because of high-interest rates . Credit card companies charge high-interest rates on outstanding balances, which can make it difficult for consumers to pay off their debts. Interest rates can vary from card to card, but on average, most credit ca...

  Write Priority Plus Financial May 8 · 4 min read · Listen Priority Plus Financial Finds Lending Niche — Orange County Business Journal Priority Plus Financial Three years ago, brothers Brandon and Todd Avila started a lending company at a WeWork office in Newport Beach. Business at their  Priority Plus Financial  LLC has been so good that it’s now up to 70 employees and $20 million in sales last year. Last month, it held a grand opening for its newest office, the entire fourth floor, 20,000 square feet, at Irvine Co.’s Pacific Arts Plaza office complex in Costa Mesa. “At exactly three years to the day, we moved into this office,” Chief Executive Brandon Avila told the Business Journal during a visit to his office. “We are one of the fastest-growing companies in the industry.” The brothers are the grandchildren of Salvador and Margarita Avila, who started the well-known Avila’s El Ranchito, a chain now up to 13 restaurants throughout Southern California. “It’s the best M...

  Understanding the Different Types of Interest Charged on the Money You Borrow When it comes to  borrowing money , understanding the different types of interest rates is crucial. Simple interest and compound interest are two common types of interest rates used in borrowing money. Simple interest is an interest rate that is applied only to the original amount borrowed, known as the principal amount. The interest is calculated as a percentage of the principal amount and remains the same over the loan term. For example, if you borrow $10,000 at a simple interest rate of 5% per year, you will owe $500 in interest after one year. The formula for calculating simple interest is straightforward: Interest = Principal x Rate x Time Where: Principal is the initial amount borrowed Rate is the interest rate as a decimal Time is the length of time the loan is outstanding, usually measured in years Using the above example, the interest can be calculated as: Interest = $10,000 x 0.05 x 1 Int...