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How to Deal with Credit Card Debt Using Personal Loans
A personal loan is perhaps one of the most popular forms of credit in the loan market. This is because it has many advantages, some of which is listed as follows:
• Minimal documentation
• On-the-spot approvals and instant loans
• Speedy processing
• Attractive interest rates—depending on your credit history
• No-collateral, no-security loan
• Facility to apply online with most lenders
• Special offers for existing customers like a reduced interest rate, etc.
• Can be used as an excellent debt consolidation tool
How to tackle credit card debt using a personal loan?
Taking a new loan to pay off your existing loans is known as debt consolidation. The idea is to pay off existing debts using a single loan thereby leaving you with just one monthly payment rather than several. If you have credit card debt, then most probably you are paying thousands in the form of interest. The goal is to lower the interest rate and the monthly outgo while paying off your debt in a hassle-free manner.
A personal loan could be used as an excellent debt consolidation tool for your credit card debt—provided the interest rates are lower. The debt consolidation loan unifies all the debts of the borrower that one owes to various lenders and pays all of them with a lump sum payment. Now the borrower has only one loan to repay which is the debt consolidation loan.
Advantages of using a personal loan for debt consolidation
1. Since a personal loan is unsecured, you needn't pledge any sort of collateral to avail this loan. If you don't have assets like house, gold, etc., then a personal loan could come to your rescue in consolidating credit card debt.
2. In general, personal loan interest rates are lower than credit card interest rates, thereby reducing your monthly outgo. This makes personal loan an ideal choice for tackling credit card debt
If you have credit card debt, then you can talk to your lender and arrive at a mutual decision regarding the loan amount. A personal loan, under such circumstances, is sanctioned after considering the outstanding amount and your needs.
A personal loan offers a simple solution, thus making life much easier for you.
How to apply for a personal loan to tackle credit card debt
You can check your eligibility and apply for a personal loan by signing up with CreditMantri. It is quick, simple and above all, free.
CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender's credit criteria. Hence, the chances of your personal loan application getting approved are higher.
Click here to sign up and apply for loans and credit cards, the CreditMantri way!
