Do you have more than two credit cards? Several court dates and payments to remember? High-interest rates and commissions on each of your credit cards?
We have good news! You can consolidate multiple credit card debts into a single credit.
Book your credit card consolidation now
Credit card consolidation consists of grouping multiple credit cards into a single credit.
For example, in order to consolidate all your credit card debts, it is necessary for a financial institution to grant you a consolidation credit for the sum of the total amount of all your credit card debts that you wish to consolidate. With the new consolidation loan, you can pay the various financial institutions and now only owe only one credit.
Advantages of consolidating credit card debts
By consolidating your debts you can obtain a significant reduction in interest payments, there are financial institutions such as Digitt that grant credit card debt consolidation credits that offer much lower interest to those of credit cards.
Improve your financial management
One of the main advantages of consolidating credit card debts is that it allows you to group several payments into one. It is very convenient since it will facilitate your financial organization just by having to remember and make a single monthly payment. Forget about the micro-infarcts that you get when you remember that you missed one of your payment dates for your eight credit cards!
Credit card credits are revolving, which makes them very difficult to pay, unlike credits to consolidate credit card debts that are term and fixed payments. That way you will know exactly when you will finish paying your debt and how much and when you will pay each month. If you wish, you could cancel that annoying credit card that you don’t use or need. By leaving your card with a balance of $ 0, you could cancel it, even if your bank doesn’t like it. This way you will avoid paying the annuity and all other fees charged by the banks.
Example of credit card debt consolidation and its advantages
Mariana has 4 credit cards from different banks: Gold, silver, blue and red.
Pay monthly $ 2,000 pesos to your Gold card, $ 1,500 pesos to silver, $ 1,100 to blue and $ 400 pesos to the red card.
In total Mariana pays $ 5,000 pesos a month to her credit card debts.
Each of the cards has different cut-off dates, payment deadlines, minimum payment amount and different ordinary interest rates and moratoriums. There are many things to remember, right?
When obtaining a credit card debt consolidation credit with an interest rate lower than that of your credit cards and with much more favorable conditions, Mariana will have to pay only $ 4,000 pesos per month to a single financial institution.
Make sure that the credit to consolidate debts that you accept reduces the total amount to pay of your debt and the monthly payment you make is less than the sum of all your monthly credit card payments!
As you could tell, requesting a loan to consolidate credit card debts has many advantages. If you have a debt, this is one of the fastest and easiest ways to save a lot of money!
If you want to learn more about how to eliminate your credit card debt, in this article of our blog, we share 4 steps to eliminate your debt.