This is not the type of loan that should be dragged out. The debt relief company encourages consumers to pay this off within a few months lest they suffer the consequences brought about the by the high interest.
Miami, FL (PRWEB) June 11, 2013
National Debt Relief, the leading debt settlement company in the country, published an article that hopes to shed light on credit card loans. Being hailed by both TopConsumerReviews.com and TopTenReviews.com as the number one debt relief company in the country, they have proven themselves as an authority in anything related to debt and personal financing.
The article is entitled, “Could You - And Should you - Get A Credit Card Loan?” It discusses the option of using a cash advance against a credit card to get rid of debt or to fund an emergency situation.
The article continues to describe how simple it works. The consumer simply has to go to an ATM to get the money. Or, they can cash out a convenience check. The payment term is also in installments - much similar to a traditional loan. A processing fee may be imposed - depending on the credit card company involved.
The BBB (Better Business Bureau) accredited debt relief company believes that this is beneficial because immediate funding can be acquired very easily. There is no credit background check required so it is very convenient as an emergency fund.
However, the article also warns of pitfalls that consumers should be wary of. This type of loan should be treated like a short term loan. Similar to payday loans, this will impose high interest rates on the principal amount. The article even states that it can be higher by 1% to 7% compared to the interest imposed on card purchases - which is high enough on its own. Not only that, there are other fees that will depend on the card company that the consumer borrowed money to.
The article also discusses how sometimes, consumers are disapproved of this loan type. The credit worthiness is still checked and those with a very low credit score may not be qualified to get a cash advance on their card.
National Debt Relief educates readers about this type of loan. First of all, they want consumers to have a payment plan in place. This is not the type of loan that should be dragged out. The debt relief company encourages consumers to pay this off within a few months lest they suffer the consequences brought about the by the high interest.
The company advises readers to seek out other options if possible. The article stresses the importance of thinking about the loan before pushing through with it. There are other options like increasing their income or selling off some possessions to come up with the immediate funds. Or maybe there is an option to apply for a loan with a lower interest rate. The article also suggests getting a salary loan at work. Any of these may be better than a cash advance on credit cards.
Of course, if the problem is debt payment, National Debt Relief suggests that consumers get debt help through other debt relief programs like debt consolidation loan, debt management or debt settlement.
Having helped thousands of consumers with their debt problems, the company is confident that they can give assistance - even if it is just to educate them about the right debt solution. National Debt Relief prides itself with the extensive library of articles that they have on the website. It encompasses various topics on debt, personal finance, debt relief, budgeting, saving and other money management concerns.
To read the whole article, visit the National Debt Relief website. To talk to an IAPDA (International Association of Professional Debt Arbitrators) certified debt expert, call 888-703-4948 to know various debt relief options available.