If you're struggling to manage debt on multiple credit cards, a debt consolidation loan could simplify your monthly finances and help you regain control.
, the average interest rate on a 24-month personal loan is 8.73%, which falls well below the average credit card interest rate of 16.65%.Credit cards provide a convenient way to borrow and pay off debt as you go, but if you're only making minimum payments, you could stay in credit card debt indefinitely. For this reason, you may want a debt consolidation loan to follow a repayment plan for a specific term, with a specific end date when your final payment brings your balance to zero.
Debt consolidation loans are installment loans with repayment terms usually lasting two and five years. Of course, the longer you pay the loan, the more you'll pay in interest. A debt consolidation loan might be a suitable option if you can minimize interest charges by paying off your loan in less than five years.How do you qualify for a debt consolidation loan?
The qualifications for debt consolidation loans vary by lender, but most lenders strongly consider the following eligibility factors.Nearly every lender requires you to meet a minimum income requirement to prove you have the financial stability to make good on your loan. Minimum income amounts vary by lender, and you'll likely have to prove your income with paystubs, bank statements or tax returns.
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