A Instant Approval Personal loan to Consolidate Debt
There are very few times when taking out more Debt to pay off Credit Card debt makes sense. Using a Personal Loan Instant Approval to pay off your Credit Card debt is only moving the Money around. The Debt is still there. You are simply moving the Money you owe the bank from one pile to another. It just so happens to be a pile of Debt with better terms for you and your family. These are three times it might make sense to pay off Credit Card Debt with a Online Personal loan.
- To Lower Your Interest Rates
The most important aspect of a Debt Consolidation loan is to lower the annual interest rate of your Debts. Often, a Instant Approval Personal loan can be the perfect instrument for you to lower the annual interest rates of your Debt. You should not consider a Personal loan to consolidate your Credit Card Debts if it does not lower the annual interest rate you are already paying. Paying a lower interest rate will allow you to pay off more principal each month, help you get out of Debt faster, and lower the total cost of your Debt.
- To Consolidate Payments Into One
Consolidating several Credit Card payments into one Instant Personal loan is a great achievement. Having one loan payment allows you to focus all of your time, attention, and energy into that one payment. It is much easier to concentrate on and pay off one Debt instead of having several smaller Debts that always seem to nip at your heels.
Of course, you must also strive to not rack up your Credit Card balances after consolidating your Credit Card Debt with a Personal loan Instant Approval. It will not do you much good to focus on one large Debt if you begin accumulating smaller balances again on your Credit Cards. You have to avoid playing a shell game with your Debts, and you will need to address the underlying, fundamental reason why you are in Debt. Do you have a spending problem? Do you not stick to your family’s monthly budget? You have to address these issues in order to get out of Debt and stay out of Debt.
- To Lower Your Monthly Payments
Using a Online Personal loan to consolidate your Debts can also lower your total monthly payments for the Debts that you owe. You will have to run the numbers, but often you will find that your monthly minimum payment for your one Personal loan Instant Approval that Consolidated your Debt is lower than the total of all your separate Credit Card minimum monthly payments.
Lowering your monthly payments can help you create a Debt snowball and assist you in paying off your Credit Card and now Personal loan Debt faster. For example, if you were originally paying Rs.5000 per month in minimum payments to the Credit card companies and now found yourself paying only Rs.4000 per month on your new Easy Personal loan, you can afford to apply the other Rs.1000 per month directly to your loan’s principal. This strategy will help you get out of Debt faster.
If you are not saving Money by restructuring your Credit Card Debts using a Instant Personal loan, either by cutting down your monthly payments or lowering your interest rates, it is probably not a good idea to restructure your Debt. Make moving your Debt around worthwhile to you. Insist on a lower interest rate for your Debt, lower your monthly payment so you can pay off your Debt faster, and take back control over your finances with one lower monthly payment.
Lets Do Simple Calculation
YES! By all means. I just did some calculations and if you were to pay just the minimum on the Credit Cards you would pay a total of Rs 80,000.(Assume you will Repay in 36 months)The minimum Rate of Interest for Credit Card is 38%, If you got a Online Personal loan for 3 years at interest rate of around 14%, the total Interest you are Paying for Personal is Rs. 19,300 instead of Rs.53,900 Interest Paying for Credit Card.
Try with InstaEMI
Your best bet would be to try to find a bank or InstaEMI that may go for a high Rs, 50 Lakhs Personal loan Instant Approval. Keep in mind that your payments would be higher than your mimimum payments on your 21% Credit Card but, the good news is that your Rs, 50 Lakhs Instant Approval Personal loan will be eliminated at the end of a set term (3 or 5 years).
If you just make minimum payments on your Credit Card, your balance comes down minimally and will take few years to pay off. At least get a lower rate card and even better, a term (3 or 4 yr. personal loan) CUT UP THE PLASTIC even if you get a lower rate card. Transfer the balance then cut the card up and pay cash for things.
The Online Personal loan with fixed payments and years is the way to go if you can swing the payments. In a few years you will be “high as a kite…debt free”. Submit some applications. The worst they can do is say no. But I’m sure you will find one that says yes. They will pay off your card, cancel the account and you will cut the card up!
Why Late Apply For Personal Loan Online Now!