Want to pay off your credit card debt and reduce your monthly payments?With an unsecured personal loan via Lending Club you can pay off your high interest credit card debt and consolidate it into a single monthly payment with a fixed, low rate.Paying back the minimum amount each month can be an expensive business, with the bulk of the debt coming in interest.Even with a 0% rate, paying the minimum is unlikely to make much of a dent in your credit debt.If the minimum monthly repayment amount is as low as 2% of the card balance, the interest can often exceed the amount owed.This means that simply making the minimum repayments will never be enough to pay off the credit card debt in full.Estimate your monthly payment with our personal loan calculator.Borrowers who used a personal loan via Lending Club to pay off high interest credit cards or consolidate debt report in a survey that the interest rate on their loan was an average of 30% lower than they were paying on their outstanding debt or credit cards.
Many credit cards providers offer introductory interest-free periods as a way to entice new customers.
Some offer long 0% interest rates, with the longest balance transfer deals lasting over two years.
Find out more about combining your credit card debt into one low or 0% interest rate credit card Feel like you’re paying too much in credit card interest?
Merging multiple cards into one with a low or 0% interest rate card is known as credit card consolidation.
Other cards on the market simply offer a standard low interest rate for the life of the credit card.See how much your debt is costing you with our repayment calculator: A quicker way of paying off your credit cards debt is to gradually increase your monthly repayments over time.