When you are loaded with a large amount of credit card debt and you are unable to pay back, you must be frustrated to receive the reminder letters and phone calls from the banks in a very frequent basis.
You would definitely become desperate to find ways to solve your debts.
You may make irrational decision when you don't have any idea about the constructive ways to pay debt.
There is possibility that you use the wrong approach and you will end up accumulating more debt.
You are reminded here that NEVER EVER think of getting a personal loan from any financial institution.
First of all, there is very low possibility that the banks or other financial institutions are willing to approve your personal loan after checking your financial status where you have a large sum of outstanding in your credit card statement.
Even if you manage to get the approval to obtain the loan, it is still a silly way to do so as you still need to pay high interest rate for your personal loan.
Think about this rationally, if you are not able to pay credit card debt, it is no way for you to pay back loan too.
Again, you will suffer from debt too.
You will face worse situation for not paying the loan as you may be sued for bankruptcy.
Besides, here is a warning for you that NEVER obtain loan from any illegal financial company, i.
e.
the loan shark.
Only if in the situation where you obtain friendly loan from your family members and friends where you don't need to pay interest, then only it is worthwhile for you to pay back the credit card debt using loan.
In fact, the simplest and most direct method to settle this debt is by negotiating directly with your bank to request for flexible repayment plan.