Credit card debt consolidation is a strategy by which a single payment is paying multiple credit card balances. Although it takes time to consolidate credit card debt, yet there are many ways to do it.
The method you choose depends on the amount of debt, your credit history and financial situation. You can use a credit card calculator to know how long it will take to pay off your credit card debt.
Read on to know some smart ways to consolidate your credit card debt.
1.Take a personal loan
Availing a personal loan to pay your credit card balances is a very good option. A personal loan is a collateral-free loan. It is available with simple personal loan eligibility criteria. You can apply online and get the loan amount instantly on approval to use it for repaying your debt.
2.Transfer your credit card balance
You can transfer your credit card balances to another credit card that carries a lesser interest rate. But you should always check the balance transfer fee before availing this option. A credit card calculator can help you determine the interest amount you will save by moving current balances to a lower rate card.
3.Get a top-up on your existing loan
You can avail a top-up loan on an existing loan to pay your credit card debt. Top-up loans do not need much documentation and are available at affordable interest rates.
4.Avail a secured loan
A secured loan on an asset is also a smart way to pay your debt. You can use assets like gold, car, fixed deposit receipts, etc. as collateral security for a secured loan.
5.Go for a debt management plan
This plan rolls several debts into one monthly payment at a lower interest rate. Non-profit credit
counselling agencies can help you with a debt management plan for paying your debts.
Bajaj Finserv presents pre-approved loan offers on personal loans, home loans and many more.
You can check your pre-approved offer by sharing some basic details like your name and mobile number.