Time To Pay Down Your Christmas Credit Card Debt!

Many consumers experience credit card shock right after the holidays. They use their credit cards to purchase gifts for the family and friends and then the statements arrive after new years. They suddenly realize just how much they have spent and what they need to pay on the due date. In our current clients case, he has a double debt situation in that he not only has the bills for the Christmas gifts on his credit card, he also has a vacation charge that he took during the season which he also charged to his cards. He owes a total of $8900 and wants to reduce the total interest that he will pay.

He has several choices. First he states that he can repay the total balance within 3 months which will help to reduce his total interest payable. Secondly he wants to take out a personal loan and use the proceeds of the loan to repay in total his credit card debt. Although he will still pay interest, the rate for the personal loan will be less than the credit card interest rate. This is a good approach and will reduce his overall cost.

Personal loans can be repaid at any time in part or in full as long as you have kept up with the monthly payments. He can choose a short duration loan of a year or he can choose a five year loan which will make the monthly payments very low compared to the one year loan.  We suggest that the client take the five year loan which will cost a bit more if he were to carry it for five years, however this will minimize his cash flow and he can choose the right timing for him to repay the full loan.

The client can consider his options and them make a decision regarding which solution makes the most sense for him. With his good credit rating and solid employment, he should have no problem being approved and repaying the loan.

Loan Amount :: $8,900

Loan Application and Processing Speed (when do you need the funds):: by the end of the month

Do you currently have a mortgage? :: yes, but I’m applying for a loan to consolidate my credit card debt from Christmas

Bank Name and Branch :: RBC Bank, 10th st , NW

What City/Town, State and County do you live in? ::Calgary, Alberta, Canada

Zip :: T2N 1W1

What is your employment field? :: I work for one of the large energy companies in Calgary

Employment Position :: I manage the oil flowing in pipelines between the tank farms

When are you paid? (monthly/weekly/biweekly):: I am paid on a biweekly basis

Your credit rating to be – excellent, fair, or bad? :: excellent as far as I know

How did you find us? :: looking for online loans to consolidate my Christmas credit card debt

How are you paid? (direct deposit/paper check):: direct deposit into my checking account

Gross Amount Per Paycheck ::$1,884

Do you agree to have this information published online, without your PRIVATE information of course? :: as long as nothing personal is released online

Extra information here please (some detail):: I spent approximately $4500 on Christmas gifts this year and then I spent another $5000 going on a vacation immediately after New Year’s. I charged it all to my credit cards and now have a total bill of approximately $8900.  The statements just came in and are the balance is due in 2 weeks at the end of the month. If I cannot pay the full balance, I will end up paying interest to the credit card companies based on 21% interest rate. I am unable to repay this total bill on the due date of the credit card statement.

I will be able to repay the total balance within three months however that means that I will incur interest charges on the credit card balance that is not paid at a level of 21% on these particular credit cards. I would prefer to apply for and obtain a personal loan so that I can consolidate my credit card debt and pay a much lower interest rate. I understand that personal loans range between five and 10% which is more than half of the interest-rate the credit cards charge.

My credit rating is excellent and I feel that I should qualify for a very competitive personal loan interest rate.

Note to Lender :: I have a really interesting job that pays very well and my prospects are good for being promoted within the company. Currently I manage the oil flowing in pipelines between tank farms. Basically I need to make sure that there’s adequate capacity in the receiving tank to receive oil from the tank farm at another location. We process and distribute the oil for our customers across the country and also into the United States.

We also manage oil flowing in our pipelines to ensure that there is adequate supply, and that we take advantage of price changes as they occur in the oil industry. Can you provide this sort of loan to help me reduce the overall cost of my Christmas gifts and my holiday vacation?


Category: Loan APR 5% APR 7% APR 9%
Loan Principal $8900 $8900 8900$
Payment Schedule Monthly Monthly Monthly
Length of Term 1 3 5
Amount to be paid $9,141.00 $9,860.28 $10,935.49
Total interest paid $241.00 $960.28 $2,035.49
Paid per installment $751.32 $270.14 $179.76

Do You Need A Personal Loan?

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Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!

7 Loan Requests

  1. AMANDA applied for the following loan:

    Loan: $2500

    Speed: asap

    Credit: BAD

    Location: Edmonton Alberta Canada

    Income: My employment income is 3300 gross, I also receive 1000 per month for child tax benefit and I receive 1727 per month for child support. In total my income is Net 5200


    I am wanting to get the loan to pay off some of my bills. I have a couple of speeding tickets that I need to pay off ASAP.

  2. Faith applied for the following loan:

    Loan: 2500.00

    Speed: ASAP

    Credit: BAD

    Location: Brussels,Ontario,Canada

    Income: I am on social assistance which I get 981.00 and then I also receive 986.00 for child tax credit and I also get a monthly trillium chq for 121.00. Also I receive child support not regularly but every couple months I will receive 300.00. My monthly grosse is 2167.00 without the support payments.


    I am in desperate need of a loan. I am behind on my bills at the moment. My gas is disconnected it needs to be turned on.with Christmas coming I wont be able to get my children nothing for Christmas becuz I have to pay these bills. Also I need my license back I have tickets that are overdue. Which if I don’t have my license i can’t get a vehicle and without a vehicle I can’t get a job. I’m making ends meet but it just isn’t enough. Please if someone could help me I would be very grateful.

  3. Petunia applied for the following loan:

    Loan: 45,000

    Speed: asap

    Credit: poor

    Location: lethbridge,ab

    Income: paid biweekly 1762 net, plus overtime if necessary. over 55,000 a year or more


    pay of credit card debit and line of credit

  4. Williams applied for the following loan:

    Loan: 20,000

    Speed: ASAP

    Credit: Poor

    Location: Montreal,QC, Canada

    Income: 2000$ bi-weekly total 4,000$ per month. Own small business with 5000$ revenue per months minimum.


    Need to settle some past due to improve my credit and invest in my business for marketing to generate more sells.

  5. Becky applied for the following loan:

    Loan: 1.000

    Speed: Now

    Credit: Bad

    Location: Calgary

    Income: EI 950.00 Child Tax 511.00 WCB 175.00 Child Support 500.00



  6. Starr applied for the following loan:

    Loan: 1000

    Speed: Asap

    Credit: Poor

    Location: Edmonton Alberta canada

    Income: 1946 Albert a works income 3399.00 cctb


    I am behind on rental payments. I also need groceries to last till the end of the month. I have been busy catching up on debts from the past year due to me not receiving my cctb for a year. Please

  7. Kim applied for the following loan:

    Loan: 4000

    Speed: asap

    Credit: poor

    Location: Chilliwack BC Canada

    Income: FT employment - net take home 2800, plus P/T - net take home 250.


    Just back to work after LTD. LTD wage was only 60% of reg wage so used last of my savings to keep things up to date. Now need to repair vehicle and pay off one small loan …

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