If you have non-credit card debt, then of course you are not alone. Today's debt is a very big problem. The lenders provide considerable amounts of money to unbearable people; it is easy to see why such a large-scale debt crisis has emerged. Many people simply have no way to pay a lot of debt, so when they turn to other payment methods and pay with a credit card.
Why using credit cards to pay existing debt is not the answer
The problem with choosing to pay existing non-credit card debt with a credit card is that in most cases you will only let yourself take on more debt. Credit cards are a dangerous thing, and the balance is high. You may end up paying more than you currently owe.
The problem is that the interest rates on credit cards are high, and even those fairly reasonable credit cards do not have thousands of dollars in debt. The interest in such a high level of debt may cause your debt to run out of control and into hundreds of thousands of pounds of debt, not just the thousands of debts you are now in. On the contrary, if you buy advice from a debt management company, you will get better.
Can I pay off the existing debt with a credit card?
The only time you can consider putting your existing debt on a credit card is if you only have a few hundred pounds worth of debt. In this way, you can more easily manage the repayment of the card, even if you can not pay the balance in full, you can easily manage the low repayment.
It all depends on how much debt you have. Only you can decide how much you can repay. So if you have a little money available every month, and your debt is not high, then you have no reason not to consider paying off your debt with your credit card. This problem mainly arises when you have thousands of pounds of debt and you cannot pay it off in one lump sum.
Of course there is a possible solution and it may be necessary to repay some debt. Usually the lender is happy to receive any payments from you, so if you use a credit card to pay most of the money, you may end up lowering your debt and still try to pay with your credit card. Again, it depends entirely on the amount you can repay and the interest rate on your credit card is right for you, but it may be worth considering.
Repaying existing non-credit card debt with a credit card is usually not the best way to solve the debt problem. However, it can be considered in some cases.
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Orignal From: Existing debt and credit card
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