Get rid of credit card debt – with a personal loan

We talk about everything: our work, our vacation, even our love life. However, as soon as money is involved, it becomes quiet. Especially when it comes to existing debts. Money is the last taboo. People still don’t want to talk about finance. They are uncomfortable talking about how much they earn, how much they save, or how much they spend. See for an illustration

This is despite the fact that money is one of the main reasons for stress – before work, family and health – according to a survey by the American Psychological Association. So it’s all the better if you have a plan to manage your own finances that helps reduce stress.

Which is the best way to get to Rome?

Many credit card owners have established the principle of monthly payment of credit card debits. They are used to paying a partial amount every month and often do not realize how much the additional costs for this procedure are. Because the maximum allowed credit card interest in Switzerland is 12%. In addition, the interest is often offset against the total amount and not against the remaining amount owed and does not begin, as assumed, at the time of settlement, but already on the transaction date. So what initially appears to be a good deal quickly goes into the money.

A comparison with a personal loan is worthwhile. Debt restructuring through refinancing via a simple consumer loan with fixed terms and fixed monthly costs as well as a massively lower interest rate is often the much cheaper and more convenient alternative.

If one calculates the savings achieved through the one-off payment of the credit card debt, the case is all the clearer: if you leave USD 8,000 on the card for 14 months, for example, financing costs of USD 1,120 fall at an interest rate of 12% .- on. The USD 8,000 must then also be paid. With a personal credit from MyCredit Lenders you get significantly lower interest rates and because you start repaying immediately, you save massive interest costs and are completely debt free after 14 months. With an interest rate of 5.3%, the monthly rate is USD 587.- and the total credit costs amount to USD 261.-, which means a saving of USD 859.- compared to the credit card. The interest on a loan depends on the creditworthiness, but according to the law it cannot exceed 10%. This guarantees savings over the credit card.

The way to Rome – easy and safe

What also makes the use of a credit card attractive is the simplicity with which it can be used. Pull out the card and the restaurant bill is paid or the new pair of shoes is bought.

However, it is just as easy to place a credit request, for example with MyCredit Lenders. On our website, interested parties can apply for a loan with just a few clicks and receive corresponding offers free of charge. The interest rate is between 4.5% and 9.95% – depending on the credit rating. And in the event of uncertainty as to whether an application would be approved, the credit self-test also helps.

Our experts are happy to help with any open questions or concerns. Simply get in touch!