Do you have multiple higher-interest debts such as credit cards or department store cards? You may be able to use a personal loan to consolidate your higher-interest debts, reducing your overall interest rate into one fixed monthly payment.
Watch the video below to see how you can use a personal loan to consolidate debt.
So why would you use a personal loan for credit card debt consolidation?
Well, for starters, your personal loan rate may be lower than your credit card rate.
Also when you have multiple credit card debts at different sizes, growing at different interest rates, keeping up may be hard. And paying down debt even harder.
A personal loan allows you to consolidate these credit debts into one potentially lower rate loan to let you focus on just one payment. And commit to paying off the loan in a fixed time frame.
With a personal loan, you have a fixed monthly payment that you can budget for.
And you may also lower your interest rate and save money.
Personal loans make sense for debts up to around $30,000, with terms ranging from around 3 to 7 years.
So if you’re considering debt consolidation, and think a personal loan might be right for you, visit discover.com/personal-loans to learn more.