Using a Personal Loan to Pay Off Debt
Credit card companies typically profit strongly when users cannot repay their entire outstanding debt on time. The longer a cyclic balance remains outstanding, the greater number of months interest can compound on top of it and this is all that's needed for a credit card scheme to flourish. We provide personal loans that can help you pay off your credit card debt and consolidate the outstanding amount into a single personal loan with an EMI that doesn't endlessly compound, effectively helping you escape the dangerous debt cycle.
Simply apply for a personal loan of an amount similar to the total outstanding amount on your credit card and use that to reduce your outstanding debt to 0. Pay back our loan on a monthly basis and you can get rid of your debt once and for all.
Should I Get a Personal Loan to Pay Off Credit Card Debt?
In many cases - especially when you have constantly outstanding credit card dues that you're unable to afford to repay with all the interest piling up - the answer to this question is likely to be a yes. If you are simply stuck with a balance beyond what you can clear upfront and that's trapping you in a debt cycle, you certainly must consider a personal loan and thereafter, try to keep your outstanding balance on the credit card to the lowest possible; preferably zero. Remember that your credit card company charges you interest on the entire sum outstanding that remains unpaid, each time they bill you and hence that sum just keeps increasing until you do something about it.
If you're having much trouble understanding this whole thing, it is advisable to seek assistance from a credit counselor. A little help is available right here - in the form of pros and cons of using a personal loan to pay off credit card debt.
The Pros and Cons
|Can help you escape a dangerous debt cycle
||Have a higher rate of interest when you consider the absolute APR
|Can help you easily understand your financial situation and plan your payments
||You may get tempted to use your credit card's new available limit - this must be avoided
|Clearly gives you a target of a monthly payment
||It's another credit product that you have to apply and get approved for
|Doesn't keep adding interest with each month
|Can save your credit score from taking a hit due to non-payment of outstanding credit card dues
|High rate of approval means that this loan is easy to secure
Apply for the Best Personal Loan and Pay Off Your Credit Card Debt
Choose MaxPersonalLoans as your direct lender when you need a personal loan to pay off your credit card debt. We offer you what's probably the market's best option with the following valuable advantages:
- No hard credit checks
- Quick and fully online application system
- Loans of up to $50,000
- Transparent and easy to understand loan offer
- Competitive interest rate
- Very high rate of approval
Here's the link to our online Credit Card Debt Consolidation Personal Loan Application. Apply now and we shall be happy to assist you with a loan designed to help you get rid of your credit card debt.