Personal loans for credit card debts?
Credit card issuers have gotten pretty nasty lately. They’ve abruptly closed accounts, lowered limits, increased interest and shortened terms. Suddenly, what were affordable monthly payments have created a real budget squeeze, with payments that be entirely impossible to make in full or on time.
If you’re in this predicament, it’s time to consider personal loans. For many people and many reasons, they provide an attractive option to making—or worse, not making—those monthly credit card payments:
- Personal loans have lower interest rates than many credit cards.
- Personal loans can be paid off with lower monthly payments.
- Personal loans can actually improve credit scores damaged by credit card debts too near their limits.
- Even when personal loans aren’t enough to pay off all credit card debt, they reduce the ratio of available credit to credit balance.
- When personal loans are applied to pay off a significant percentage of a credit card balance, the credit card issuer may agree to a lower interest rate.
- Personal loans can be obtained quickly and easily online.
- Personal loans are typically unsecured loans, meaning they don’t put personal assets such as homes at risk.
- Personal loans are by far a better option than payday loans, which often carry annual interest rates between 300 and 700 percent.
Financial pressures affect quality of life in so many ways; marriages, families, professional opportunities, and physical and mental health all suffer as financial difficulties mount.
Though personal loans might not be a panacea for all of life’s challenges, they are a viable option for millions of people, and might improve your situation, too. Explore your options with American Unsecured.
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!