Key takeaways
- Traditionally, a debt product can be used to cover expenses when you’re cash-strapped. If handled responsibly, personal loans can also serve as a tool to build wealth.
- Some of the ways personal loans can help you increase your net worth include improving your cash flow through debt consolidation and giving you the necessary capital to invest in a variety of things.
- Using personal loans as a tool to build your net worth can be especially useful during these tough economic times. Most Americans feel like they need at least $233,000 a year to live comfortably, compared to $75,203, which is the average annual salary in the U.S.
Personal loans are often thought of as debt products used to finance an expense when money is ti…
Read the full article at: https://www.bankrate.com/loans/personal-loans/personal-loan-can-help-you-build-wealth/