Credit card debt can be stressful, especially in today’s economic environment. After all, prices continue to rise and high interest rates are adding to borrowing costs. So, if you have credit card balances that you can’t pay off quickly, you may be wondering whether it makes sense to take out a personal loan to pay them off.
As of November 2023, the average interest rate on a personal loan with a 24-month term was 12.35%, according to data from the Federal Reserve. So, by using a personal loan to pay off your credit card debt, there could be significant savings, as the average credit card rate is currently 21.4…
Read the full article at: https://www.cbsnews.com/news/should-you-use-a-personal-loan-to-pay-off-credit-card-debt/