Credit Card Payments

Paying credit card debt using installment loans with lower APR is an effective strategy to save money. However, there are certain computations that you have to consider as well. For example, how long does it take to pay off the installment loan? Will paying for that span of time save you money?

These are important questions to ask since different transactions have different repercussions. If you are under contract, for example, and you know you will be out of job in a couple of months with no prospects, then perhaps you should reconsider getting an installment loan.

On the other hand, if you have bad credit and your credit card debt is hurting you more, an installment loan is definitely one of the best solutions for you.

One of the best ways to know whether you are getting a good deal or not is by using a debt repayment calculator. This will help you compute how long it will take to repay your debt. At the same time, it will help you get the total cost of the installment loan by conveniently computing the APR as well.