If youre accruing interest faster than you can pay off your credit card balance, the debt can feel unmanageable. And you arent alone. Credit card debt rose by $228 billion between the second and third quarters of 2023, according to data from the Federal Reserve Bank of New York, while the average credit card interest rate remained over 20% as of Dec. 13, according to Bankrate.
A personal loan, with an average interest rate of 11.54% in December 2023, stands as an enticing solution for many borrowers. But qualifying for a lower rate could be difficult, and applying for a personal loan may not be the best idea if youre not prepared to commit to paying off your debt. Heres what to consider before you apply.
When you should use a pers…
Read the full article at: https://www.cnet.com/personal-finance/credit-cards/advice/should-i-use-a-personal-loan-to-pay-off-credit-card-debt/