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People also ask
Should you take out a loan to pay off credit card debt?
Taking out a loan to pay off credit card debt may help you pay off debt faster and at a lower interest rate. But you might only qualify for a low interest rate if your credit health is good.
Which debt should you pay off first?
This could mean paying off your credit card balances, payday loans, non-federal student loans, or any other debt that has a high interest rate. Your debt with the highest interest rate should be your priority because it is the most expensive debt you have.
Are there alternatives to personal loans for paying off debt?
Beverly Harzog, credit card expert and author of 鈥淭he Debt Escape Plan,鈥?offers an alternative to personal loans for paying off debt. 鈥淚f you have excellent credit scores, you may be better off getting a balance transfer credit card that offers a 0% introductory APR,鈥?Harzog notes. 鈥淭his way, you can pay off the debt without paying interest.鈥?/div>Should You Get a Loan to Pay Off Credit Card Debt …
Should you use a personal loan to pay off high-interest debt?
The other key to successfully using personal loans to pay off your high-interest debt is to get a loan with a lower interest rate than the rates you鈥檙e currently being charged. Of course, if you are struggling to make your monthly payments, even a loan with a less-than-ideal rate may help.