A huge number of Canadians utilize unsecured loans to cover their credit card debt off and cut costs on interest. Here’s just how much a typical debtor could conserve by paying down $7,000 in personal credit card debt with a unsecured loan:
| Charge Card | Personal Loans | |
|---|---|---|
| Creating Balance | $7,000 | $7,000 |
| Rate Of Interest | 19.99per cent | 10.00%* |
| payment | $350 | $350 |
| time and energy to repay financial obligation | 25 months | 21 months |
| Total interest | $1,585 | $698 |
*Example just. Rates of interest can vary greatly.
Amount spared = nearly $900