We are all looking for ways to save money these days. With the expensive holidays around the corner and inflation rates continually increasing, we are finding ways to adjust our budgets to make it to the next paycheck. However, living paycheck to paycheck doesn’t help those who struggle to pay down debt, build an emergency fund, or simply put savings aside for the future. A debt consolidation loan for credit card debt from Lendah is an excellent way to pay off multiple credit cards at once and save money. 

Learn how debt consolidation can also work to save you money this holiday season.

How Does Debt Consolidation Work to Save Money?

When you’re looking to pay off debt, adding another loan may not be your first instinct. But a personal loan can do more to save you money in the long run than you might think. Debt consolidation is the process of taking out a personal loan and paying off your existing credit card debt. This allows you to decrease the number of monthly payments, stop the interest charges on your credit cards, and pay off your debt with a fixed monthly payment. 

Debt consolidation works to save you money by giving you more freedom with each paycheck and an easier way to pay off your debt. With all the money-saving tips out there, how do you know if a personal debt consolidation loan is right for you? 

Benefits of a Personal Loan for Credit Card Debt

Personal loans may not cross your mind when considering debt-reducing strategies. However, it may be the option for you if you fall under these categories: 

Do You Hold High-Interest Credit Card Debt?

Paying off a personal loan is significantly easier than paying off your credit cards on your own. With interest charges on your maxed-out credit card, it could take up to 30 years to pay off just one credit card. Debt consolidation is more efficient and can save you thousands in the end. 

Do You Have Difficulty Managing Your Finances?

We’re human. We all make mistakes, and we’re forgetful. With a personal loan, you have the opportunity to make one monthly payment that’s easy to manage. You even have the option to set up automatic payments to make sure you don’t forget to make your payment each month. 

Are You Concerned About Rising Interest Rates?

Unlike credit cards, personal loans have fixed rates -meaning there are no surprise payment hikes that can become overwhelmingly expensive. As long as you make payments on time, you won’t accumulate more in interest.

Lendah’s Debt Consolidation Loan Program

Debt consolidation with Lendah is a simple, hassle-free process that will help you reach debt freedom in record time. We work with over 30 lenders to pinpoint the perfect loan for your financial needs. With our program, you’ll find:

  • Interest rates as low as 5.99%
  • Pre-approval for up to $35,000
  • The potential to save thousands of dollars

Set up your free consultation with one of our financial experts by calling us at 844.860.0766 or by sending an email to getaloan@lendah.com.