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Drowning in Interest? There's an Alternative

Drowning in Interest? There's an Alternative
Fiona StaffJuly 2nd · 2 min read

Borrowers who make small, regular payments on high-interest credit cards may notice that their payments don’t seem to make much of a dent in their statement balance. That’s because the interest that accrues on the principal balance each month can sometimes make it feel as if you’re not making progress towards paying down your debt. Fortunately, a credit card debt consolidation loan can be a lower-interest alternative to high-interest credit card debt.

Fiona matches you with personalized loan offers that can help you consolidate your credit card debt.

Credit card consolidation loans can help borrowers pay their debt down faster with benefits like focusing on one easy monthly payment  and lower interest rates.

One Fixed Monthly Payment

When borrowers use one loan to pay off credit card debt, they essentially transfer the debt from their high-interest credit cards to a single low-interest loan. Because the loan pays off the credit cards, consolidation leaves the borrower with one easy payment to make—directly to the loan provider. While credit card payments can fluctuate in their amount based on minimums due and what your outstanding balance is—personal loans are one fixed amount each month for the duration of their term. 

Lower Interest

If a borrower transfers multiple credit card balances to a single personal loan, that personal loan typically has a lower annual percentage rate (APR) than the credit cards (depending on creditworthiness). The interest that accrues each month on a low-interest loan is typically less than the interest from a high-interest credit card. Monthly debt consolidation loan payments could possibly pay down the overall balances faster, since more of the payment pays down the balance. 

Fiona matches you with credit card debt consolidation loan offers in one easy place.

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Bottom Line

Personal loans can be a great low-interest alternative for borrowers who are carrying balances on one or more high-interest credit card accounts. That’s why Fiona makes it quick and easy to get matched with a loan for your full outstanding credit card balance.

Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.