When you have debt on multiple credit cards, it can become a challenge to decide how to strategize and get the most out of your monthly budget. If meeting the minimum payments on your credit cards is becoming a hassle, a debt consolidation loan can help you start paying off debt—it can even help you save money in the long run!
We recommend getting a debt consolidation loan instead of trying to pay off multiple credit cards each month. If you’re concerned about your credit, know that you can still get a personal loan with bad credit. If you’re considering a personal loan to pay back credit card debt, here are some of the benefits to this repayment strategy.
Save Money Over Time
When you are paying off credit card debt on multiple cards, it is likely that your budget won’t allow you to make the minimum payment on each card. This can lead to late fees which tack on to the amount that you already owe. A debt consolidation loan works with your budget and makes it easier to pay off debt on time each month. That means you can reduce your chances of accumulating interest fees on late payments. In addition to timely payments, debt consolidation loans have a lower interest rate than credit cards – which save you money as you pay off credit card debt.
Create a Better Focus
It can be difficult to choose which credit cards you should pay back first, especially when you have to stretch your monthly budget to account for what you owe on each card. When you use a debt consolidation loan as your repayment strategy, you have more clarity on your responsibility as a borrower because you only need to manage ONE monthly payment. You can avoid high-interest fees adding up or any late payment fees as long as you pay back what you owe on time. Lendah can find tailored debt consolidation loans that work best for you and best of all, you choose your terms!
Lower Monthly Payments
Credit card companies only care about your monthly payment and don’t take other monthly expenses into account. When you pay off debt late, high-interest rates are charged by your credit card companies – which add up, and have an impact on your credit score. Make the choice to pay off smaller monthly payments with Lendah. We have a network of over 30 lenders to find a personal loan that works for you. Consider a debt consolidation loan so you can get out of debt quicker and get your finances back on track.
If you have questions about debt consolidation loans, speak to our team of knowledgeable professionals. Our compassionate loan matchmakers will find the best terms tailored to your unique situation with fast approval and rates starting as low as 3.84% for amounts up to $100,000.
Get started today on our website. Prefer to talk in person? Call us at 833-453-6324 and we’ll get you connected immediately with one of our loan experts.