Tips to Consolidate Your Credit Card Debt

Tuesday, May 28, 2019 9:00AM / Sponsored Post / Boost Credit / Header Image Credit: MyBankTracker

It is now common for people to have more than one credit card. This can overwhelm you especially if they all have high interest rates. Most people feel like their income is at stake after repaying all their credit card loans. Financial experts in quickly developing countries in Africa and Asia have been trying to analyze the effects of having more than one active credit card and the financial implications it has on the people. They have also developed various solutions for this with the major one being the consolidation of credit card debt. If you are from any African or Asian country or any other part of the world, here are the best tips for carrying out the consolidation.

Clear the Debt with a Loan

Getting a loan is easy nowadays. In fact, most African banks have an active loan department to help their citizens with development. As developing nations, the financial sector is pushing banks and other lending institutions to offer personal loans with better interest rates and in an easy way.

If you receive this, you can repay all your credit card debts and only have one loan to repay. However, you will need a higher credit score to secure a substantial loan amount as advised by the Boostcredit101 experts. The benefits to enjoy here include low interest rates and a better repayment plan.

Repay Using Your Savings

Another excellent way to consolidate your credit card is to clear the debt with your savings. The standard of living in Africa and other developing countries in the world is relatively low, and saving is easy if you have a stable and consistent income. You can start a saving plan through one of the many options.

One such move is by opening a savings account for some time. Notably, there are many savings mobile apps now that mobile money has penetrated African nations in a successful way. Once the credit card loans are paid, you will then start saving all over again for other projects. The beauty of using this option is that you will eliminate the burden of interest and strenuous repayment plans especially if you had more than one credit card account.

Borrow Money from Family and Friends

If the interest rates for the credit card accounts that you are holding are high, you can borrow money from family and friends and consolidate these loans into one interest-free loan. Young people from Africa can easily approach their parents or older siblings who have secured well-paying jobs or are in businesses to get a loan. Financial aid from family and relatives has no interest at most times. They will also not penalize you in case the money is not repaid on time. Unlike with banks and other credit card institutions, you will have an easy time repaying your loans.

Conclusion

It is obvious that you will eventually pay to the last dime if you have credit cards. But as you can see, there are various ways of consolidating them if you are from Africa or other developing countries. Follow these tips for the best results.

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