Is Applying For Personal Loan To Pay Off Credit Card Bill Is A Good Option

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When you make use of the credit card for paying your household expenses then your debt can go out of control. So is it a right choice to opt for the personal loan for paying off credit card bills? Let’s have a look on some of the below points before opting for personal loan for settling your credit card bills-

  • Usually, credit card debts have high interest rate as compared to personal loan. So, if you will opt for the personal loan then you can save considerable amount. However, you should remembered that you will be required to have a high credit score in order to qualify for the low interest rate. But, even if you will not be at top of credit score scale and get a loan then also you will be able to see a decrease in interest amount.
  • It is required to shop around and do a comparison of available loan options The interest rate of Indian Bank personal loan will be different from SBI personal loan. Not only interest rate, there are other terms and conditions also which will be different. You should compare all available options in order to take informed decision.
  • Make sure you are not borrowing personal loan if you are not able to afford the monthly payments. You have to start repaying the loan amount soon after receiving it so you should be sure that you are having enough income for covering your all bills.
  • Finally, you should review your spending habit and try to curtail all unnecessary expenses if you do not want to face the same situation in future also.

Comments

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15 October 2013 at 13:32
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