Each has its own set of advantages and potential pitfalls, and the best choice often depends on an individuals financial situation and goals. Lets break down both options to help you decide which is best for consolidating your debts.
Using a credit card to consolidate debt typically involves transferring balances from multiple high-interest cards to a single card with a lower interest rate, often a card with a 0 per cent balance transfer offer. This can simplify your payments and potentially reduce the amount of interest you pay.
Pros:
- Promotional offers: Many credit cards offer introductory periods with 0 per cent interest on balance transfers. This can provide a window of opportunity to pay down your debt without accruing addition…
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