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If you have credit card debt, you know how frustrating it can be trying to balance multiple credit card payments each month. Will you be able to make more than the minimum payment on each card? How much longer? Should you focus on paying off the card with the highest balance or the card with the highest interest rate?
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Taking out a personal loan for credit card debt can help you solve many of these problems. You can use your personal loan to pay off your credit card debt in full, and since personal loans sometimes have lower interest rates than credit cards, you may also save money on interest over time.
That said, paying off credit card debt with a personal loan has its pros and cons. Let’s take a look at the pros and cons and explore some options that could help you pay off your credit card debt without taking out a personal loan.
Using a personal loan for credit card debt is a form of debt consolidation, and there are many benefits to consolidating your debt into a single monthly payment. Here are three of the top reasons to use a personal loan to pay off your credit card debt:
If you have high balances on your credit card, a personal loan can help you pay off your credit card debt in full. This action will not only give you the peace of mind that comes with being free of credit card debt, but it could also boost your credit score.
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Keep in mind that using a personal loan to pay off your credit card debt is not the same as getting out of debt. After you pay off your credit cards, you will still need to pay off your personal loan. However, paying off your high credit card balances, and saying goodbye to the high interest that comes with them, can be a huge financial relief and is one of the biggest benefits of paying off your debt with a personal loan.
The average credit card interest rate is currently around 20% APR, but the average personal loan rate is closer to 11% APR. While your actual interest rate will depend on your credit score, the amount of money you plan to borrow, and the terms of the loan, there’s a good chance that a personal loan will have a lower APR than your credit cards .
If you take out a personal loan that has a lower interest rate than what you’re paying on your credit cards, you could save a lot of money on interest by using your personal loan to pay off your credit card debt.
Balancing multiple credit card payments each month can be difficult. Personal loans allow you to consolidate your debt into a single monthly payment. This process can make it easier to plan ahead and set aside money for your monthly loan payment, which can also help you pay off your personal loan more quickly.
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Remember: The more money you spend each month on your loan payments, the more money you’ll save on interest over time.
While there are many benefits to using a personal loan for credit card debt, there are also some drawbacks, including the possibility of ending up with credit card debt again. Here are four of the biggest drawbacks to paying by credit card with a personal loan:
While personal loans can help you pay off your credit card debt in full, it’s important to remember that a personal loan is just another type of debt. Once you pay off your credit cards, you won’t be debt-free—you’ll still have to pay off your personal loan, and you’ll need to make your monthly loan payments without incurring new credit card debt in the process.
If you are in the
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