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March 29, 2022

Learn how a personal loan can help you save money and pay off debt

Paying off high-interest debt can require many financial sacrifices and still take years. For most Americans, it takes more than a year to pay down credit card debt. The average American household needs approximately 13 months to pay down the average debt of $8,195. That assumes you put 15% of your income toward debt repayment. If you have multiple high-interest debts, you could be saving money by consolidating them. You can use a personal loan for credit card debt and save money by paying off debt faster. Here’s how to reduce the overall cost of your debt with a personal loan.

Personal Loan for Credit Card Debt Pay Off

You can use a personal loan to consolidate multiple debts, including credit card debt. Credit cards traditionally have high APRs, which make them really difficult to pay off. The longer it takes you to pay off a credit card, the more money you will spend on your debt. When you take out a personal loan, you can use those funds to pay off or down your credit card balances, depending on how much debt you have. At Uprova.com, you can borrow up to $5,000 to put towards debt repayment.

If you can qualify for a lower personal loan interest rate than your current debt, refinancing with a personal loan can help you lower your monthly payments and reduce what you will spend on your debt overall. With a lower interest rate, more of your monthly payment goes towards your balance instead of interest. This helps you pay off debt faster and for less money.

Using a personal loan for credit card debt also makes it easier to manage your debt. It can be difficult to manage multiple credit cards with other debts. With a personal loan for debt consolidation, you only have to make one payment instead of logging into multiple accounts. Instead of having to decide which debt to prioritize and pay off first, you only need to make one loan repayment.

Is a Personal Loan the Right Option for Me?

Consolidating multiple debts with high-interest rates is often a good idea. It makes it easier to manage debt, avoid penalties, and pay off debt faster. However, debt consolidation might not be the best option for you if:

You can’t qualify for the amount you need: You do not meet the qualifications for a personal loan, or you can’t get approved for the amount you need from a lender.

You can’t secure a better interest rate: If you have a low credit score or negative marks on your credit history, you may not qualify for a better interest rate than what you’re earning on your credit cards or other debts currently.

You can’t borrow responsibly: For a personal loan for credit card debt pay off to be successful, you need to make timely payments and pay off your loan on time. If you use the loan funds to pay off your credit cards, then continue to drive up your credit card bills, you will be in a worse place than you started.


You can use a personal loan for credit card debt. If you have debt on multiple high-interest credit cards and/or loans, a personal loan can help you pay them off faster and reduce what you repay overall. You can request up to $5,000 from Uprova.com to consolidate your debts. Request a loan today.

The content of this website is for informational purposes only. Nothing on this website constitutes financial or professional advice. Consult a professional for advice suitable to your personal circumstances.

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