Yusra3
VIP Contributor
If you're struggling with high-interest credit card debt, taking out a personal loan can potentially help you get that debt under control. Personal loans typically have much lower interest rates than credit cards, so you could save a significant amount of money on interest by using a personal loan to pay off your credit card balances.
However, you need to have a plan to avoid running up more high-interest debt after consolidating with a personal loan. It's also important to shop around for the best possible interest rate and terms on a personal loan, as rates can vary widely depending on your credit score and income.
For those with great credit scores, a 0% interest balance transfer credit card could be an even better option for a limited time. But a personal loan may be preferable if you need longer than 12-18 months to pay off your debt.
Ultimately, a personal loan can be an effective way to regain control of unmanageable credit card debt – but it requires discipline to avoid repeating the same debt cycle in the future.
However, you need to have a plan to avoid running up more high-interest debt after consolidating with a personal loan. It's also important to shop around for the best possible interest rate and terms on a personal loan, as rates can vary widely depending on your credit score and income.
For those with great credit scores, a 0% interest balance transfer credit card could be an even better option for a limited time. But a personal loan may be preferable if you need longer than 12-18 months to pay off your debt.
Ultimately, a personal loan can be an effective way to regain control of unmanageable credit card debt – but it requires discipline to avoid repeating the same debt cycle in the future.
