Is Credit Card Debt a Big Problem for You? Why Not Consolidate It with a Personal Loan
Have you been using a number of Credit Cards of late? Are the credit card bills worrying you? So, you have missed paying your bills on time. Why worry when there are solutions in the financial market. If you have High Credit Card Debt, you can consolidate it with a Personal Loan. And obtaining a Personal Loan is easy!
Credit Card Debt Consolidation with a Personal Loan can be advantageous only if it comes at a lower interest rate than what you’re paying on your Credit Card or interests paid on repayment over a particular period. This is for high debt on a single card. For multiple cards payment to be consolidated into one with a Personal Loan, find out the average interest paid on the bills. You gain a competitive advantage with low interest rate, longer repayment tenure and other favorable terms and conditions.
Advantages of Credit Card Debt Consolidation with Personal Loan
- Enjoying lower interest rates on your Personal Loan can make a big difference, especially if you had been paying high interest on your credit card bills.
- Multiple card users benefit from moving to a single card and enjoying simplified repayment without having to worry about multiple bills and payment dates.
- Debt payoff happens fast every month with one fixed interest rate.
- You may have more money left over using which you can pay your debt quickly or pay other bills on time.
When applying for a Personal Loan for Credit Card debt consolidation, consider a few factors. What is your total outstanding debt? Calculate it. If your debt is very high and if you have existing investments which you feel you can utilize, use part of it to pay your debt. If you have a stable job in a good company, you may be entitled to benefits like bonus, income tax refunds, etc. Besides if you are all set to receive maturity proceeds from bonds and life insurance policies, at this period, use the amount to pay your credit card bills. If the amount isn’t sufficient to pay your debt, consider applying for a loan of the balance amount. This will lower your financial liabilities besides minimizing a negative impact on your credit score.
Also Read: Beware of These Frauds Credit Card Users
To find the best Personal Loan, visit mymoneymantra, a one-stop trusted online financial services marketplace that hosts all leading banks and their products. Using our easy-to-use tools you can compare loans in terms of interest rates offered, and so forth in seconds.
When you take a Personal Loan, prioritize by paying your credit card debt. Avoid unnecessary expenses and start paying bills on time. This will help you avoid huge pending bills. If you think about cancelling the credit card account, you may end up losing your credit score.
Consolidate your credit card debt with a Personal Loan. Manage your debt right away!
For affordable loan offers, visit mymoneymantra, a leading online lending marketplace or talk to our Personal Loan Specialists toll-free at 18001034004 for more details.