can i get a loan to pay off debt

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  • Can you use a loan to pay off credit card debt?

  • Keep reading for some valuable information about what to do if you鈥檝e found yourself in this situation and to learn about loans to pay off credit card debt. For example, using a balance transfer or personal loan to pay off high-interest credit card debt can be a simple way to reduce your interest rates and make the pay-off process a little easier.

  • 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.

  • 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.

  • What kind of loans can I use to pay off debt?

  • Here are some loans you could use. Home Equity Loan 鈥?If you own a home and have some equity (your home is worth more than you owe on it), you could tap into that home equity and get a loan for the amount of your debt. Doing so will likely take a high-interest debt and reduce it to a lower interest rate.

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