California Banking Rates

Using Personal Loans to Consolidate Debt in California

If you’re drowning in debt, there are a few options available to you. You can try consolidating your debt with your credit card company, pay the balance off a little at a time or take out a personal loan to pay credit card debt off once and for all.

Personal Loan to Tackle Debt

Personal loans are excellent tools for debt consolidation. As opposed to having multiple debts on a variety of credit or store charge cards with a variety of APR rates and payment deadlines, a personal loan can make the process easier to manage. By taking out a personal loan, all the debt can be paid off and that one debt can be easily managed. Many times, a personal loan rate can be lower than a credit card interest rate, making the personal loan interest rate an advantage.

If you choose a secured personal loan to consolidate their debt, you also may be able to take advantage of a longer repayment schedule with more flexible terms and conditions than your existing debt holder.