Personal loans for consolidating credit cards

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Most people who are buried under credit card debt are in the same boat — stressed, frustrated and looking for a way out.

If you can barely make your minimum monthly payments, things may feel hopeless; but don’t worry — there’s a solution that might work for you: Credit card consolidation involves getting a new loan — at a better interest rate — to pay down multiple credit cards more efficiently.

It is easy to fall prey to debt solutions that can put you in an even worse position.

Thankfully, for those with a good enough credit score, there are personal loan options available that can be much better than many other alternatives.

Lending Club is the nation’s largest peer-to-peer lender.

Debt consolidation is a strategy to roll multiple old debts into a single new one.

The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.

When you’ve fallen behind on your payments, it can feel like there’s nowhere to turn.

If you need help educating yourself on your debt consolidation options, you can start with the section titled “What is Debt Consolidation?

” If you already know debt consolidation is the right path for you, here is a preview of the best debt consolidation loans revealed by my research: Next, I’ll dive into more detail on each company.

Using a personal loan to reduce debt can have a few benefits.

When receiving a personal loan, you are opening a new installment credit line and, if handled responsibly, it can help raise your credit score.

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