If you refinance your credit card debt, you pay off high-cost credit card balances with another loan that has a lower interest rate. You save money due to the lower interest rate on the new loan versus the old credit card balances
Save on interest rates by paying off high cost credit card debt
Repay your outstanding debt balances faster by making a monthly payment on a finite repayment schedule
Improve your credit score by decreasing your credit card utilization rate
Fix your monthly payment and interest rate to prevent rate and payment increases (credit card debt normally has a floating interest rate)
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Personal loans are a great way to refinance credit card debt, especially for borrowers with strong credit scores. By paying off your credit card balance with a personal loan, you decrease your credit utilization which can increase your credit score. Given personal loans are typically loans with 2 to 5 year repayment terms, you may be able to repay your outstanding balances faster compared to simply making the minimum payment due each month on your credit card.
Many people are seeking to reduce their credit card debt and manage their debts more effectively. A fixed rate personal loan can offer substantial savings to credit card borrowers that may be paying in excess of 18% interest. Particularly for strong borrowers who can access personal loan rates as low as 4.99%, there is a compelling case to refinance credit card debt and pay off with a lower cost personal loan. Lendvious works with top providers of personal loans to deliver multiple options to refinance your credit card debt.