RIVERWOODS, Ill.--(BUSINESS WIRE)--
According to a survey from Discover Personal Loans, 79 percent of their surveyed customers said they saved money by consolidating debt with a Discover personal loan, with the majority of debt consolidators saying they saved an average of $308 per month.
Eighty one percent of surveyed customers reported they were able to pay off existing debt sooner with a Discover personal loan, with 59 percent reporting that they paid it off an average of two years earlier. The survey also found that 80 percent of debt consolidation customers said that they felt less stressed after consolidating debt with a Discover personal loan.
“The majority of our customers take out a Discover personal loan to consolidate their higher interest debts,” said Dan Matysik, vice president of personal loans at Discover. “This helps people take greater control over their finances, potentially pay debt off faster and save money on interest.”
Discover personal loans for debt consolidation are designed to help customers accomplish their financial goals and can save them money on interest and time. Discover Personal Loans offers fixed-interest rates, no origination or pre-payment fees, and several repayment terms to choose from.
Discover Financial Services (DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 190 countries and territories. For more information, visit www.discover.com/company.
All figures are from an online customer survey conducted July 27 to August 12, 2018. A total of 638 Discover personal loan customers were interviewed. All results @ a 95% confidence level. Respondents opened their personal loan between December 2017 and June 2018 and fell into one of two groups; 532 = debt consolidators and 106 = non-debt consolidators.