According to data provided by The Reserve Bank of India, the number of credit cards in use has increased to 4.9 million from May 2019 from 38.6 million in 2018. The tremendous increase in the usage of credit cards is driven by convenience offered by credit cards accompanied by the growth of digital. However, credit cards are a double-edged sword, and not honoring your debts on time can lead to mountain debts piling up over time.
This is why you should consider transferring your credit card balance to your personal loan:
- Reduces Stress
Not paying your installments on time impacts your credit score negatively. Balance transfer credit card to a personal loan can help you repay the loan stress-free and offers your tailor-made repayment options, foreclosure terms, and conditions, debt consolidation, etc.
- Borrow without Stress
Credit cards are a convenient form of borrowing, however, the high rates of interest lead to a vicious cycle of debt. Credit card takeover loans are a type of loan that can help you exit the cycle of debt by offering loans at a lower rate of interest as compared to paying your credit card bills at a higher rate of interest. The cherry on the cake is that you can obtain personal loan collateral-free! Loan providers offer you a debt consolidation and allow you to borrow a sum of up to Rs. 25 lakhs.
Must Read: Credit Card Loan vs. Personal Loan
- Quick Disbursal
Credit cards are one of the most expensive forms of debt and delaying payments can lead to the accumulation of a mountain of debt. Loan providers assure you of prompt service right from the application to the disbursal of the loan. The documentation is hassle-free and the amount is credited directly to your account which reduces the effort of collecting a cheque. Existing customers can also avail of a host of other benefits.
- Information at your Fingertips
Log into the website of your loan provider and obtain a snapshot or a detailed statement of the information required. This saves time and effort that would have otherwise been spent in visiting the branch to obtain a physical copy of the statement.
Log into the website of the loan provider, understand the fine print, and calculate the loan amount you are eligible before making a decision. Take a baby step towards debt-free living!