This story is part of CNBC Make It’s One-Minute Money Hacks series, which provides easy, straightforward tips and tricks to help you understand your finances and take control of your money.
Credit card debt can be frustrating and feel impossible to pay off. Not to mention, it’s also expensive: The average credit card interest rate is around 16%.
If you have credit card debt spread across multiple cards, one option to help you get rid of it faster is to consolidate the debt using a personal loan, which you can get from a major bank like Wells Fargo, online lender like SoFi or credit union.
The basic premise is that you use the loan to pay off your credit card balances, then concentrate on paying down the loan itself.
A debt consolidat…
Read the full article at: https://www.cnbc.com/2021/07/07/debt-consolidation-can-help-pay-off-credit-card-debt.html