Consolidating credit card debt with bad credit
From having to pay fluctuating interest rates of 18% to 25%, you pay a single interest rate which remains fixed during the entire tenure of the prepayment process.This means no more cash crunch seasons and hassle-free debt clearances.Maybe you go to sleep counting the number of debts you've piled up.If you feel hopeless, maybe the answer to your solution is debt consolidation loans. A debt consolidation loan clubs all your debts and pending loan repayments into a single loan which is repaid at a comfortable pace.
In that case, the new loan would have a balance equal to the sum of the other loans. You've probably heard of credit card balance transfers, but another option is a personal loan.With this kind of lending, you also don’t need to worry about any overhead or other costs and hidden fees.It also makes shopping around for a loan much easier and typically it will only take a few days to find out if you are approved for the loan or not.They require you to get a loan from a bank, credit union, or peer-to-peer lender who will agree to consolidate some or all of your debts (usually credit card balances) into one new loan.If the interest rate on this new personal loan is lower than the interest rates on the different credit cards that you are consolidating, you'll save money.