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If you need charge card debt relief, pay no attention to the ads on the Internet or late-night TV. Sometimes to get things right you've to do it yourself. You may want to think about a personal unsecured loan. Personal responsibility is the most direct route to a better credit rating and substantial savings on reduced interest rates within the future. Source for this article - Using a personal loan for credit card debt could be interesting by Money Blog Newz



The expenses of credit card debt



Paying off credit card debt is very difficult to do. Think about a personal loan in case you are trying to. Depending on what your credit rating is, personal cash loan interest is at a lower rate than credit card interest rates. The debt with credit cards is very overwhelming for some. This is because the high rates are compounded daily for credit cards. Some consumers of credit cards get a way high interest rate. It is 29 percent then. If you had 29 percent interest on $10,000 in credit card debt, you’re going to be losing a lot of money. It would take 12 years to pay if off if you were paying the $250 minimum payments for 143 months.



What you should learn about personal loans


It is a really good thing to get a personnel loans for credit card debt relief. With the lower rate of interest, you might save a ton of money. Make sure you get the best rate. You can get between 5 and 8 percent on personal cash loan with banks and credit unions. Don’t just talk to one financial institution. Make sure you talk to three. Tell them exactly what is going on. Be honest about it all. If you were to get a lender that was willing to give you 6 percent on your personnel loans, then that same monthly payment on the $10,000 would get the bill paid off in 45 months instead. That is less than four years.



Saving with good credit



By getting rid of credit card debt and faithfully paying down the personal loans, a better credit score will bring many future benefits. You can get about 6 percent on an auto loan right now when you have a good credit score. A person with bad credit will pay about 13 %. That amounts to thousands of dollars over the life of the loan. For a mortgage loan on a $300,000 home, a good credit rating will save hundreds of dollars a month in interest and could add up to $100,000 when it's all over.



Citations



CreditLoan.com

creditloan.com/blog/2010/11/08/how-much-does-having-bad-credit-cost/



WTOL.com

wtol.com/Global/story.asp?S=13551207