Credit card consolidating finance
One of the more intriguing shifts we’ve noted among our borrowers has been an increase in the percentage of those opting to use a Lending Works loan to consolidate their debt.
In fact, more than 30% of the loans we now approve are for debt consolidation purposes. Understanding debt consolidation loans The idea behind consolidating debt is very simple.
The good news is that applying for this type of loan is usually very straightforward.
This, in turn, leaves them stuck in this cycle of debt for longer, paying more and more in interest, and ultimately filling the pockets of credit card companies while leaving a big hole in their own.
Enter your credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category.
Then change the consolidated loan amount, term or rate to create a loan that will work within your budget.
Debt consolidation loans are something we often champion, as it is indicative of consumers taking charge of their finances, and making sensible decisions in order to accelerate their quest to become debt free. Rather than juggling a variety of obligations such as credit cards, overdrafts and other high-interest debts, it makes practical sense to gazump the whole lot with a solitary, low-cost loan to pay them all off.
On one hand, you’re saving yourself an enormous amount of hassle in terms of convenience, given that you’ll no longer be worrying about multiple debts, with differing APRs, monthly repayment dates and repayment amounts.
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