You don’t need to get a lawyer to restructure your credit card debt. Getting a lawyer to restructure your debt can be expensive because of the various litigation fees you need to pay. One way to restructure your credit card debt without a lawyer is to get a debt consolidation personal loan. A Debt personal loan if used correctly for debt reduction has the potential to reduce your financial burden by cutting down the APR interest fee by half.
Many people find it hard to pay off their credit card debts and they only manage to make the minimum repayment every month just to avoid their accounts getting sent to collection agency. You can go on making minimum repayment month after month for decades a personal loan the debt. If you take out a personal loan, you will typically be able to pay it off within 3 – 5 years.
With a personal loan , it will be within your financial means to pay off the loan because of the lower monthly payment. The more you are willing to shell out for the monthly payment, the shorter the loan term will be and the faster you will pay off your personal loan. Many online signature loans don’t charge prepayment penalty fee and this means that you can pay off your loan early without any additional cost when you have the funds to do so.
There are many lenders offering online personal loans so you should do research with a loan comparison search engine prior to applying. Using the loan comparison site, you can quickly see which personal loans offers the best lending term that suits your budget. The loan comparison site allows you to use criteria to find lenders that you can easily qualify such as credit score and postcode.
Another method to consolidate your credit card debt is to use a balance transfer card. Many balance transfer cards have zero percent intro period that last for 6 – 21 months. You should try to get a balance transfer card with the longest zero percent intro period. If you have good/excellent credit score, it will be easy to get approved for a balance transfer card with the longest zero percent intro period.
When choosing a balance transfer card, make sure you take into consideration the balance transfer fee and other fees. You must make sure that the zero percent intro period is long enough for you to pay off the credit card debts. This is because you will get charged with interest fee again after the promotion intro period ends.
By consolidating your credit card debts, you only have due date to remember every month. Many personal loans allow you to set up auto pay so that the due amount is automatically deducted from your account. Choosing to consolidate your credit card debts with a personal loan that have auto pay enables you to get discount on the APR interest rate.