Personal Investment & Loan Tips : Consolidation Loan Tips & Advice

This is Financial Advisor Patrick Munro, talking
about personal loans to pay off credit cards. Many times, individuals will have various
credit cards that accrue, and they have a higher rate of interest as normally is due
with a credit card. And as a result they end up finding it difficult to pay all the credit
cards on a regular basis and keep them in a timely format. Therefore, it is possible
to get a personal loan called a consolidation loan, where you take all the credit card balances;
add them up, and put a master loan upon all of that. It’s a good strategy, however, you
have to cut up the credit cards to make sure that you do not use them again, because then
you have a large payment; whereas, you used to have several small payments. It’s a great
way to tidy up credit, make sure your accounts are paid in full on a regular basis, and it
is also a a great way to build a a cash accumulation for a rainy day, because you’re paying less
on the big loan than you were on the multiple loans going forward. This is Patrick Munro,
talking about how to use a credit line to take care of multiple credit card accounts.

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