A credit card gives you a line of credit; the amount of the credit depends on the credit card and the financial institution.
Generally, the interest rate on this credit line is high, between 15% and 30%, which means high monthly payments and makes it hard to reimburse, if you're not able to pay it off quickly.
According to NerdWallet, the average US household debt stands at $15,863.
It is a very good idea to refinance your credit card debts with a consolidated loan.
Credit card refinancing has become a classic product of lending institutions and is used by a lot by people who have several credit card debts.
Credit card refinancing gives you a better interest rate than what you are paying on your outstanding credit card debt. This rate is often fixed, which allows you to have a clear schedule of payments, without possible increases.
This new credit card refinancing loan will regroup all your debt payments in one monthly payment. You credit score may also improve, which will allow you to get other loans later.
In the end, credit card refinancing helps you save money.
Consolidating your credit card debt is the best way to improve your finances if you have multiple credit card loans.
With Comparelend, you can compare the lenders that offer credit card refinancing and choose the best one that matches your criteria.
To be eligible to refinance your credit card debt, you’ll need to meet some criteria:
> Be a US citizen or permanent resident
> Be 18 or older
Checking your eligibility for a credit card refinancing loan will not affect your credit score.
> Proof of income (for example, most recent pay stubs and W2s)
> Copy of ID
> Proof of residence (for example, a copy of a utility bill)
> Two months' worth of statements for each credit card or loan you wish to pay off.
The lender may ask for other documents, depending on their internal process.
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