helps consumers choose between paying credit card debt or saving

November 18, 2013   Business News
(PRLEAP.COM) Credit Card Consolidation Loan published an article entitled "Paying Credit Card Debt Or Saving: What Is The Better Option?" and it sought to help consumers make a confusing financial decision. Paying for debts and saving are both important but there are times when the consumer is forced to choose only one. Usually, this is because they lack in financial capabilities to cover both expenses.

But the problem is, both of these are important. So how can the consumers choose?

This is the aim of Credit Card Consolidation Loan when they released this article on November 13. They understand how it is a constant problem and they believe that consumers should understand the pros paying their debts or having adequate savings.

Starting with paying credit card debt, the article points out the following reasons why it has to be prioritized.

1. It keeps the interest of the credit card from growing the debt. The interest rate of the debt is a lot higher than those given to savings accounts.
2. It helps with the credit score of the consumer. By paying their dues on time, the consumer is practicing proper credit and payment behavior.
3. It keeps money from being wasted on the interest rate. The faster a debt is paid, the less interest the consumer will waste.

On the other hand, the article claims that saving will give the following benefits:

1. It gives the consumer financial security against emergency situations. Since they have savings, the article explains that consumers will not have to worry about unexpected expenses.
2. It keeps the consumer from fearing job loss. The consumer's savings will help them finance basic needs in case their main source of income is cut off.
3. It will help consumers live with less stress. The security that consumers get from their savings will keep them from feeling too stressed.

These benefits were provided by Credit Card Consolidation Loan so consumer will know which of the benefits they want to avail. That should help them decide which of paying debts or saving is to be prioritized.

In the end, the article explains that consumers should do their best to satisfy both. They have the option to grow their income to be able to afford both financial needs. Or, as the article suggests, the consumers can live a frugal lifestyle.

To read the whole article, visit this link:
Contact Information
Sandra Doyle
Credit Card Consolidation Loan
Contact Us