A debt consolidation loan can be a good option to lower your monthly payments if you are struggling to pay multiple high interest credit card debts or unsecured loans. To be more specific, a consolidation loan allows you to reduce your debts by merging them into one easy monthly repayment.
A number of banks and debt management firms are more than willing to help you if you have multiple loans or credit card debts. Being one of the largest banks in the United States, Bank of America has millions of customers across the states.
Given the present economic condition, it’s natural that a large number of people fall in debts. To help such people, Bank of America offers a debt consolidation program known as Clean Sweep Program.
This program offers you convenient options to consolidate your high-interest debts.
You will probably be able to get a lower interest rate with a Clean Sweep program and save some money from the interest that you pay on your exiting individual loans or credit cards each month.
Advantages of Bank of America Clean Sweep Program
Clean Sweep debt consolidation loan from Bank of America comes with a number of benefits and it is an effective way to improve your financial condition.
This program will help you get rid of your debts through one consolidated monthly repayment.
The best thing about this consolidation loan is that it can help reduce your interest rate to as low as 8%. You will find this rate to be much lower that what you currently pay on your individual loans or outstanding credit card bills.
However, a major drawback of this loan is that it comes with variable APR and the bank will charge 3% transaction fee whenever you take an advance.
Another interesting thing about this Clean Sweep program is that Bank of America does not require you to provide any collateral to obtain this loan. Therefore, there is no risk of putting your home or vehicle as security against the loan.
It is to be noted here that Bank of America does not offer unsecured personal loans to people with bad credit history.
There is no prepayment penalty or annual fee, and the bank will respond with a decision within 15 minutes of applying. As you continue to pay down your loan balance, a re-accessible cash reserve becomes available for you to borrow again.
Visit a local BofA branch or call a bank representative at (800) 500-5306 for further information about this consolidation option.
Debt Management Tips – A great way to reduce your debt
Taking control of your finances and managing your monthly budget is crucial if you want to avoid unnecessary financial troubles.
If your existing credit card bills and loan repayments are mounting up, it’s time that you consider cutting down your expenses and seek assistance if you need it.
Sooner or later, your debt can pile up way beyond your ability to repay and this will seriously affect your credit status.
- You can start managing your credit card expenses by planning a tight budget based strictly on your monthly necessary needs.
- You can track your monthly spending and figure out how much you actually need to make all your monthly payments.
- Avoid taking cash advance from your credit cards and stick to a monthly budget.
- You can also seek the assistance of a professional debt management company who are well experienced in planning debt management solutions for people having multiple debts.