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.