Having multiple unsecured debts, such as unsecured loans, personal overdrafts and credit card debt can complicate family finances. An increasing number of borrowers are choosing to consolidate debt with a low APR personal loan in order to reduce monthly repayments and make life easier.
Credit Card Debt Has No Defined Term
Credit card debt is not only a high APR source of borrowing, there is no defined term. This means that credit card debt can last indefinitely, especially if only the minimum monthly payment is made. Switching to a low APR personal loan makes family finances more affordable and can help prevent money problems.
High APR Debt vs. Low APR Debt
Credit card debt and personal loans are notoriously expensive ways of borrowing money. The rate of APR on credit card debt and personal overdrafts is regularly around 20%. However, it is possible to consolidate debt with a personal loan charging 8.5% APR if good credit exists.
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