answersLogoWhite

0

Credit cards can be used to pay off loans effectively by transferring the loan balance to a credit card with a lower interest rate, making consistent payments, and avoiding unnecessary spending on the card.

User Avatar

AnswerBot

5mo ago

What else can I help you with?

Related Questions

Which data is used to determine credit score?

Number of loans, credit cards, and late payments are used to determine your credit score. In addition, how much open credit you have is also used.


Are credit cards used primarily to obtain cash loans?

Not generally. Cash advances from credit cards are expensive, as they have the highest interest rates and per-transaction fees.


Can student credit cards be used to repay loans?

Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.


What does it mean for an individual to have a personal line of credit?

Every individual has a line of credit. This line of credit is what determines your credit score and what will be used to approve or deny you credit cards or loans.


What is meant by a consolidation personal loan?

Consolidation personal loans are used to pay multiple debts from just one single payment. They can be used to pay the debts of multiple credit cards, loans and store cards.


Does Italy have credit scores?

Yes, Italy does have credit scores. These scores are used by financial institutions to assess an individual's creditworthiness when applying for loans or credit cards.


Can aluminum foil effectively protect credit cards from electronic theft?

Yes, aluminum foil can effectively protect credit cards from electronic theft by blocking radio frequency identification (RFID) signals that can be used to steal information.


What does Barclycard Global do?

Barclycard Global offers a wide range of credit cards, personal loans and insurance from Barclaycard. Barclaycard credit cards can be used to pay at over 27 million outlets and withdraw cash from 1 million ATMS.


What elements is in credit cards?

Titanium is sometimes used in credit cards.


What Elements in credit cards?

Titanium is sometimes used in credit cards.


Which parts of a credit history are most important for the calculation of credit score?

There are many aspects of your credit history that affect your credit score. 35% - Your Payment History - Credit cards, Telephone bills and other utility bills 30% - Amounts You Owe - Outstanding credit amounts in loans and credit cards 15% - Length of Your Credit History 10% - Types of Credit Used 10% - New Credit


How can credit cards be used effectively for paying off debt?

Credit cards can be used effectively for paying off debt by transferring high-interest balances to a card with a lower interest rate, making consistent payments above the minimum amount due, and avoiding unnecessary spending to prevent accumulating more debt.