What Is Credit Card Consolidation And How Can It Help You?

 What Is Credit Card Consolidation And How Can It Help You?

Want to pay off all your credit card debt? Find out what credit card consolidation is, if it will work for you, and how Access Loans can help.

Does thinking about how much you owe on your credit cards give you a headache? Has it been hard meeting your minimum monthly payments? Does it seem like you’re not making a dent in your outstanding balance? Perhaps it’s time to consolidate your credit card debt with an Allotment Loan from us.

What Is Credit Card Consolidation? 

Credit card consolidation is similar to refinancing. It involves taking out a loan to pay off all your credit card debt. So, instead of making multiple payments every month, you only pay one loan. Doing so will not only bring your balance to zero and keep your outstanding balance from incurring high interest, but it also makes eliminating your debt more manageable. After all, it’s easier to pay off only one debt than paying three, four, or more. 

Credit card consolidation has no adverse effect on your credit score since you will be paying off all your debt. However, for credit card consolidation to be advantageous, you need to find a loan that offers better terms and lower interest rates than credit cards.

Should You Consolidate Your Credit Card Debt?

Credit card consolidation may be a good idea for you if you have been carrying a balance in more than one of your credit cards for a year. Another gauge is whether you have been having difficulty paying your minimum monthly payment. The ultimate test is how much you will end up paying when you consolidate your credit card debt versus how much you pay in total when you pay only the minimum amount. If you will save by consolidating credit card debt, then it is a sound choice.

Why Apply For Access Loans?

You don’t want to make the personal loan mistake of applying for a loan with unfavorable terms. When consolidating credit card debt, it’s important to choose a loan that offers lower interest rates than your credit cards at the minimum. Even with bad credit, it is possible to get a loan with better interest rates and payment terms so you can easily pay off your debt. If you are a federal or public sector employee, here are the reasons why you should apply with Access Loans:

• Better interest rates

• Manageable payment schemes

• No need for a credit score 

• Minimum paperwork required

• Fast and convenient application process

• Accessible in more than 19 states (and counting!)

Access Loans’ allotment loans are tailored for federal and public sector employees, designed to help with any of your financial needs. You can use allotment loans any expenses, such as credit card consolidation. With Access Loans, it’s easier to get approved for an allotment loan, and you can guarantee that you will get better terms. 

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