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Tata Capital > Blog > Personal Use Loan > Struggling with Costly Credit Card Dues? Consider shifting to Personal Loans

Personal Use Loan

Struggling with Costly Credit Card Dues? Consider shifting to Personal Loans

Struggling with Costly Credit Card Dues? Consider shifting to Personal Loans

If you are a regular user of credit cards, you would definitely vouch for the convenience it offers. You can pay for purchasing things and services in a jiffy using a credit card. As for the repayment, it can be done without any extra cost (interest) in the interest-free period.

Know More About Personal Loan

But unless you clear off all your credit card dues before the interest-free period, you will be subject to very high rates of interest. At times, the rates are even higher than 40%!! So if you are not careful about handling your credit card outstandings, you will end up getting stuck in a debt trap.

Now there is an easy and smart solution to your credit card woes. You can say that in a way, it’s a type of card debt consolidation loan.

But why does this make sense? We try to answer these with following points:

  • Personal loan interest rate is much lower than those that have to be paid on a credit card outstandings. A credit card company can charge you 40% plus whereas personal loans are available from 15 to 20%. So you can save a lot of money on interest.
  • If you use personal loan to repay outstandings on all your cards, then you just have to manage one loan instead of many card repayments.
  • You will also have a clear repayment schedule with one personal loan as you would know exactly how much EMI you have to pay and when.
  • Your credit score will also start improving, as you will be clearing off high-interest loans (credit card dues) in one go. 

So taking a personal loan to clear off all of high-interest credit card dues makes a lot of sense. If you are finding it tough to get out of your credit card repayment cycle, then you should seriously consider it.

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