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How to Clear Credit Card Debt with Personal Loan

A credit card is a very handy way of borrowing money from your bank to be able to pay for day-to-day expenses and honour regular bills and commitments. Like any payment card, all credit cards need is a simple swipe or code to pay merchants of goods and services. In simple terms, credit cards make it pretty easy to transact both online and offline. But the very same ease of transacting can lead to burgeoning debt.

It is not uncommon to see cases where people use their credit cards and exploit the limits recklessly, end up overspending and find themselves drowning in a pile of credit card debt.

Such a scenario can be incredibly frustrating and debilitating. Why? Because of the looming question of how to clear credit card debt. First of all, all your savings will be eaten up in paying the credit card bills. There’s no way you will be able to look at the health of your overall financial portfolio and/or make plans to reach other financial goals. Further, you will be risking your rainy day funds, leaving you with nothing to fall back on in case of emergencies. There are just so many levels at which this can go wrong. If you start spiralling in credit card debt once, it can be extremely tricky to get out of it. Not only that, but a back-breaking credit card debt can also impair your credit score. You need to act before irreparable damage is done.

One way to effectively get out of an impending crisis like this is by using a personal loan to clear credit card debt. The answer lies in the exercise of debt consolidation. Personal loans bring a plethora of benefits - a seamless, streamlined and speedy application process being the foremost of those features.

Debt consolidation is a fairly usual practice adopted by borrowers who wish to tame their multiple dues and bills and channel them into one monthly bill. When you get a personal loan, you can use the proceeds from the loan to pay off the current debts. You will be left to deal with only the personal loan then. Thereon, it is an easy repayment timeline, without the need to furnish any asset as a security.

Let’s have a look at how the exact process would work for you:

Personal Loan for Credit Card Debt Consolidation

  • High-value loan amount:

Usually, with a credit card, you have certain limits on how much you can spend. With personal loans available on Finserv MARKETS, you can avail a high credit amount with no restrictions or stipulations as to the end-use of the amount so granted. You can easily use this amount to clear credit card debt.

  • Instant approval and quick disbursal:

One of the most convenient features of availing a personal loan is that the process of applying for it is so simple and straightforward.

In order to avail personal loans available on Finserv MARKETS, you just need to:

  • Fill an online application form and provide your personal and employment details.

  • If you meet the mentioned eligibility criteria, furnish all the documentation.

(These documents would include: personal ID documents like Aadhar card/Passport/Driving license, PAN card, bank statement for the last 3 months with income details. All of this is required to ascertain your creditworthiness.

  • Once you have submitted your application, you will receive instant approval on your loan.

It is this quick approval and disbursal that makes personal loan the option of choice for emergencies when you are in urgent need of funds. A crippling credit card debt is nothing short of an emergency. So you can use the proceeds from the personal loan to clear credit card dues.

Attractive rate of interest

In addition to all of the other conveniences, you can get personal loans at a more favourable rate of interest than the other kind of debts, including credit cards. Under the repayment structure and schedule of a personal loan, the strain on your finances will reduce considerably.

If your credit history and financial standing make you eligible for a personal loan at a low rate of interest, then you should definitely consider a personal loan to clear credit card debt.

It also brings in a certain level of predictability in your repayment cycle. This means that with a personal loan you will know roughly when you will become completely debt-free if you adhere to the recommended repayment cycle. Therefore, debt consolidation with personal loans brings in the dual benefits of lowering not just the interest rates you pay but also the amount of time it will take you to pay off a debt.

Flexible loan tenor

Another major feature of availing a personal loan on Finserv MARKETS is that you get a lot of flexibility as far as the repayment tenure is concerned. It can range from 12 months to 60 months. You can then choose to be ambitious and opt for a shorter tenor if you can afford a higher EMI, or you can go for a longer tenure to be able to repay the amount comfortably.

Conclusion

The bottom line is that if you are able to get better and favourable terms on a personal loan, you should make use of the loan to clear credit card dues. Use the Personal Loan EMI calculator and spend some time figuring out the trade-offs. It is highly likely that you can avoid a crippling credit card debt by availing a personal loan. Save yourself some financial burden and make the prudent choice of securing a better alternative with Finserv MARKETS.

Happy Customers of Finserv MARKETS

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