If you have multiple credit cards to pay off, you likely don’t have room in your budget to save money or make impactful payments on your debt. This can lead to years of debt repayment with little to no progress toward financial freedom. While this seems like a hopeless situation, you can work to get yourself out of the grip of high-interest credit card debt. You may need a little help from one of Lendah’s personal loans for credit card debt.
For almost 20 years, Lendah has been helping people just like you break free from credit card debt. Their personal loan programs have proven to help customers be successful over and over again. In this blog, you will learn how personal loans can help you get out of debt, the benefits of debt consolidation, and how Lendah’s programs are designed for success.
How to Use Personal Loans for Credit Card Debt Relief
Personal loans are often used for large purchases, emergency funds, and home improvement projects. However, the right personal loan can help you reach your financial goals. Personal loans for credit card debt can be used to consolidate your debt and save you time, money, and the hassle of multiple monthly payments.
With a debt consolidation program, you simply pay off your credit card debts with the personal loan and then repay the personal loan one monthly payment at a time. It may seem counterintuitive to get rid of your existing debt by taking on more debt, but if you remain dedicated to your debt consolidation program, you may find yourself in the best financial shape of your life.
Learn more about personal loans from Lendah.
Five Benefits of Debt Consolidation
Here are five benefits of debt consolidation beyond debt relief that you may not have considered.
1. Get Rid of High-Interest Debt
Credit cards can benefit your financial health, but the issue comes when the interest charges hinder your ability to keep up with your monthly payments. It’s a very easy trap, but debt consolidation allows you to move your debt to a low-interest loan program.
2. Pay Off Your Debt Faster
It can take up to 30 years to pay off high-interest credit card debt. With a personal loan, strategic savings and budgeting, and determination, you can pay off your debt within a few years. Debt consolidation isn’t a quick fix, but it is a significantly faster process than paying off your credit cards without help.
3. Better Budgeting
We all know the sting of watching your paycheck be depleted by bills. It’s even worse when two or more of those bills are credit card payments. Debt consolidation lowers the number of payments you’re making each month and allows you to budget for savings, make large payments toward your debt, and have a little breathing room for unexpected purchases.
4. Improve Your Credit Score
If your credit score has been negatively impacted by your credit card debt, a debt consolidation loan can help increase your score and improve your overall credit health. Making consistent, on-time payments and lowering your credit utilization will work to build creditworthiness in the eyes of the credit bureaus.
5. Pay Off Your Debt Early With No Penalty
Debt consolidation loan programs with Lendah are built to help you achieve financial freedom as quickly as possible. You have the option to pay off your loan before the program ends without penalty giving you the freedom to get out of debt ASAP.
Want to know more about the benefits of debt consolidation? Check out these reviews from real Lendah customers about their experience with debt consolidation.
Debt Consolidation Personal Loans from Lendah
Lendah works with over 30 lenders that specialize in personal loans for credit card debt relief. Their team of financial experts will work with you to find the right program for your financial needs. Preapprovals for personal loans are as high as $35,000 and interest rates are as low as 5.99%. Payments are fixed so you know exactly what you’ll be paying each month and you have a support team at Lendah willing and ready to answer any questions you may have.
You don’t have to be controlled by your credit card debt forever. Send us an email at email@example.com or give us a call at 844-860-0766 to start your debt consolidation journey.