Consolidating debt good credit
A personal loan to pay off credit cards is often called a credit card consolidation loan.
The idea is to get a credit card consolidation loan with a lower interest rate than what you’re paying on your credit card as well as a set repayment period. For example, let’s say you have a ,000 balance on your credit card with an 18.00% APR.
One of our experienced, certified Debt Counsellors can help you take an objective look at your situation and show you the various options that are available to you regardless of whether maxed out credit cards, bad credit or other challenges have hindered you from getting a debt consolidation loan.
If you have a large credit card balance, moving it to a credit card consolidation loan you have to pay off in just a few years might break your budget.
Please do your homework and let us know if you have any questions or concerns. Between sky-high interest rates and low minimum payments, there’s no end in sight for some borrowers.
So, if you’re neck-deep in credit card debt, find out how using a personal loan to pay off credit cards could be a good option for you.
For example, you won’t have to worry about various payment dates and amounts.
Plus, making one payment instead of several could help keep you on track and organized with your bill payments.