Debt Consolidation Loan vs. Balance Transfer at a Glance
This table provides a quick look at some of the key differences between debt consolidation loans and balance transfers, helping you choose the right strategy for your unique financial situation.
What Are Debt Consolidation Loans?
Debt consolidation loans are personal loans used to help people manage their debts. These loans are offered by banks, credit unions and online lenders. This new loan is used to pay off all of your existing debts, like credit cards or medical bills. Instead of juggling several payments, you consolidate them into one.
This type of personal loan is appealing because they usually have a fixed interest rate. Your monthly payment stays the same, making it …
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