Loans for consolidating credit cards
If you’ve been carrying a significant amount of debt on your credit card for more than a year, you likely feel the burden of your monthly payments and climbing interest rates.
It may feel hard to get ahead when the minimum monthly payments are only enough to cover the high interest rates and don’t make enough of a dent in your outstanding balance.
It doesn’t negotiate your rates, close your accounts, or limit your ability to spend more in the future.
Unfortunately, it’s still possible for you to charge up the cards again.
Consolidation loans are also perfect for anyone who needs a structured plan to get out of debt in a set amount of time.
First, the loan doesn’t change your relationship with the credit card companies.Upstart’s pre-qualification form will tell you in seconds if a loan could be in your future, along with how much credit you can pay off, all the different terms and amounts you qualify for, and what the APR for the loan will be.Your credit score won’t be harmed by filling out this pre-qualification form either.With credit card consolidation, you take out a new loan and use that loan to pay off the balances on any outstanding credit cards.Once your credit card balances are at zero, you can focus on making just one monthly payment to the consolidation loan company.
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A credit card consolidation loan is a personal loan used to pay off credit card debt.