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Minimum Payments vs. Unsecured Loan Installments
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When you have financial problems, credit cards instead of being a blessing turn out to be an
incredibly heavy burden. Financing unpaid balances is extremely expensive and your minimum
payments keep increasing eating up your income till you finally won't be able to meet the
payments.
Credit Card's Payments
Though the flexibility credit cards provide is undoubtedly useful in normal situations, you can easily
feel tempted to reduce the amount of money you destine to pay your credit card balances and use
it for other expenses. Since credit cards let you pay only a small portion of the balance, the
temptation is big but doing so can bring many problems to your financial health.
The interest rate charged for credit card financing can be as high as 25% on an annual basis.
Such a high rate, if the balances remain unpaid, implies high amounts of money on interests that
keep being added to your debt. If you pay only the minimum this situation is aggravated because
eventually as your debt increases, you won't be able to pay the minimum and when that happens,
you'll incur in penalty fees that will increase your debt even more. Moreover, due to the
delinquency, the credit card company will increase the interest rate charged and you will enter into
a vicious circle of debt.
Unsecured Personal Loan's Installments
A solution to this problem is to obtain an unsecured personal loan in order to cancel the credit card
balances in full. Unsecured Personal Loan's Installments have many advantages over regular
credit card payments that turn them into an excellent option if you wish to take control over your
debt and start repairing your credit.
For starters, the interest rate charged for unsecured personal loans is significantly lower than the
interest rate charged for financing unpaid credit card's balances. While unsecured loans carry
interest rates that range from 7% to 16%, Credit Card's rates can reach up to 25% and are almost
never lower than 14%
Moreover, while the minimum payments on credit cards are variable and include little principal, the
unsecured personal loan's monthly payments can carry fixed rates and thus be equal throughout
the whole life of the loan. Besides, the monthly installments include interests and principal as well
so you'll be continuously reducing your debt by repaying the loan.
If you are smart enough to get rid of most of your credit cards but one or two after you repay the
2. balances and refrain yourself from using them for unnecessary expenses, then your unsecured
loan installments will also contribute to stopping the vicious circle of debt and start a virtuous circle
of debt elimination. That way, you'll be able to gain control over your finances again.
Sarah Dinkins is an Expert Loan Consultant in the financial industry who helps people to repair
their credit situation and get approved for home loans, unsecured personal loans, student loans,
consolidation loans, car loans and other types of loans and financial products. In her website
http://www.badcreditfinancialexperts.com she writes useful articles for people looking for
professional advice in the finance field.
Article Source:
http://EzineArticles.com/?expert=Sarah_Dinkins
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Are You Struggling To Make Your Monthly Payments? Go Here To See How You Can Lower
Your Payments Up To 60% ! www.DynamicSolutionsintl.com/ohall
www.DynamicSolutionsintl.com/ohall
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