How To Consolidate A Credit Card3 min read

You may be someone who is struggling with different credit card debts repayment. And desperately willing to merge it into one debt. You may be someone who cannot afford cost of credit card debts repayments and you want to overcome this financial issue. You can choose to consolidate your credit card debts into to single credit card and reduce the cost. We will highlight main ways to consolidate credit card debts.

Ways to consolidate A Credit Card Debts

0% Balance Transfer Cards mostly used to consolidate credit card debts

Zero percent balance transferred cards are credit cards offered by many banks to attract customers .0% balance transfer cards allow you to transfer all your credit cards debts into one credit card. and also, it allows you interest free repayments for a promotional period and this promotional period is different for different banks. The longest 0% balance period allowed in UK is seems to be by Sainsbury bank which is 29 months. You can view the promotional period allowed by different banks for zero balance transfer card here.  but credit score is important, if you have credit score (above 690), you have to consider 0% balance transfer cards which allow you to consolidate your other credit card debts into one credit card you don’t have to pay interest for promotional period. The repayments instalments which fall in the period longer then allowed period then for those payments your interest will start. You have to know balance transfer fee will be charged which is usually 2.50 to 3.0% charged by different banks.

Personal Loan From Banks To consolidate credit card Debts

Secondly, you can choose to apply for a personal loan with different banks in UK to consolidate which provide unsecured personal loans. Banks offer flexible terms and conditions and affordable interest rates charged on loans for a person with good credit score. Usually rate of interest charged by banks depends on the someone’s credit history. if you have good credit history you can take cheap loan to consolidate credit cards debts into one personal loan. Means you will take a personal loan from banks and repay all credit card debts. After that you have to repay only one personal loan lower interest rates monthly installments. Banks are offering facilities to apply online and majority of banks in UK are giving immediate decisions on loans acceptance. Banks are transferring loan within 48 hours after signing the contracts. For example, Tesco bank personal loan transferring personal loans with in 48 hours after digitally contract signing.

Loans from Credit union to Consolidate Credit card Debts

You can apply for personal loan from credit union to consolidate credit card debts; these are very active in UK. These credit unions are not for profit organizations and charge lower interest rates then banks. A person with lower credit score could get lower interest rates in credit union then banks. credit union offers flexible criteria, terms and conditions.

Take loan from online platforms to consolidate your Debts

Now in UK there are online digital finance providers available. These institutions allow you to apply for online loan and transfer fund in your account within2 hours. But you have to look at the interest rate charged by these providers then banks. lendable is offering online personal loans with high interest rates so you have to choose cheap along with fast accesses.