Payday loan debt consolidation companies: Trusted by thousands
Does getting a payday loan debt consolidation to pay off payday loans is ideal? Yes, if you use Dedebtsettlement.
And, you will certainly want to get rid of debts as well as you would like to get rid of the weeds in your yard. People with debt have all sorts of good intentions, but like many Brazilians, they also can not handle their credit card bills so that they can get rid of them once and for all and end interest and fines every month.
You have encountered a problem paying credit card debt because you have many of them, this can happen easily. The problem of having many cards is that if you do not pay the balance at maturity, you will see your interest rate shoot maddeningly.
If this is what is happening to you, it might make sense to consolidate your debt payments into just one, so that you only have one payment to keep track of every month. You could even automate this payment so that you would never worry about your failure to pay again.
Why not try a personal loan, alternative financing or loan to pay off credit card debt and eliminate costs by at least 5%? Think about it!
How to pay off card debt?
It is worth mentioning that this issue of debts on the card would yield 1000 articles here in the Opal. Did you know that today Brazilian families accumulate on average more than R $ 5,000 only with debts of invoices with their credit cards? Just to give you an idea, if you apply an interest rate on the card that is close to 15%, and if these people make only a minimum payment of $ 750, it would take more than 10 years to pay off that debt, and it would cost more than R $ 90,000 only in interest rates, which is why a personal loan may be a better option.
What if you could get a personal loan?
Many indebted Brazilians turned to personal loans and earmarked as a way to consolidate their debts and reduce interest costs. This may also be a good option for you – assuming you can qualify for a better interest rate than the one you are currently paying on your card.
For example, suppose you have five credit card debts at 15%, 16%, 17%, 18%, and 20%. Add these, divide the sum by five and your average credit card interest rate would be 17.2%. So, your research, compare and get a personal loan with 8% or even 10%, you would have lower monthly payments, which would make it easier for you to repay these debts.
Consider the pros and cons of paying off debts
Before you go out searching the internet for lending sites, credit lenders or for your bank to apply for a personal loan, it is important to understand that there may be unintended consequences in this action, just as there may be good intentions.
While paying off credit card debt with a personal loan might be a good idea, you need to carefully consider the potential disadvantages and the cheapest modalities before moving forward with this plan.
What would make sense to get rid of card debt?
As you saw in the example given above, if you are in a position where you can get a loan from a bank, cooperative or even figure out the “advantages of lending peer to peer” with an interest rate between 2% and 6%, what would more sensible, get a loan and pay off card debts – or, assume the average interest rates of 15% or more every month?
But if your credit is not so good, you have the name bad or dirty, your only option may be to apply for a restricted loan or to be denied, interest rates for these modes usually start at around 8% for people going through credit analysis, especially P2P.
A good rule of thumb is that if you could lower your average interest rate by at least two to five percentage points, then getting a loan with loan sharks would be worth considering. Of course, it would not make any sense to replace a type of debt with one that has a higher cost like the one made on Perry loan for negatives.