Consolidating credit card debt with
If you want to pay these debts off in three years, you would need to pay 2.19 every month, and you would have to make sure you are dividing up your payments appropriately.
If you could get a personal loan from a company like Prosper or Lending Club for ,400, you could pay off each of those credit cards, and then tackle the loan with one payment.
Credit cards, while convenient, make it easy to get into and stay in debt.
If you have debt across multiple credit cards that you’re repaying, you may be able to reduce the interest and fees you’re paying by consolidating them into one account.
When you have accumulated a significant amount of credit card debt and you are having a very difficult time paying back such a debt then you may want to consider a credit card debt consolidation loan that can pay off all of your credit card accounts in one fell swoop.
Consolidating credit card debt is really not that difficult, and it is simply a matter of determining whether your situation warrants the pursuit of such an option and then determining where you want to get your credit card debt consolidation loan from.
However, it’s not right for everyone, so let’s look at how it works and whether it would work for you.
If you’ve fallen behind and have been making late payments on your credit cards, consolidating them to one monthly payment could raise your credit score as your payment history improves.