Loans for consolidating credit cards
Because they have a simple application process, offer a single rate for the life of the loan (not promotional or temporary), and require one monthly payment, they can help simplify debt reduction for anyone tired of tracking balance transfer end dates and multiple payments each month.
But before you decide, you should review some some other possible options for credit card reduction: Compared to all the things you are already doing to manage, pay off, and track your debt, applying for a consolidation loan is quite simple!
You remain in control of payments to your creditors.
A credit card consolidation loan is different from a credit card settlement.
Once approved, you’ll get the loan payment within a few business days, and you can choose to pay off any cards in the order you choose.
The best part of a credit card consolidation loan is that it’s flexible and adaptable to your individual priorities and financial goals.
If you can only afford to make the minimum payments on your credit cards, it may take you over 20 years to see that debt gone.
You also won’t be subject to the high-interest rates often associated with consumer credit cards.
Some benefits of a credit card consolidation loan: 1) Get a fixed rate that won’t go up on you.
Not everyone will find the terms of a consolidation loan to be in their best interest.
Consolidation may help if you’ve been carrying a balance on one or more cards for most of the year (10 out of 12 months, for example) or if you are paying the maximum interest rate allowable by law on any of your cards.
Search for loans for consolidating credit cards:
Credit card settlements force you to default on your credit accounts and offer to pay a much lower amount as a way of “settling” with the card companies. On the other hand, consolidation is a safe and often easy way to pay off credit cards with a personal loan.