can you pay off credit card with personal loan

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

  • Cons of using a personal loan to pay off credit card debt. Getting a personal loan isn鈥檛 always the best move, however. First of all, warned Maxwell, you need good credit to make this strategy work. 鈥淚f your credit score is low, the interest rate on your consolidation loan may make the payments unaffordable, and the interest savings may not be …

  • Should you get a personal loan or a credit card?

  • With a personal loan, you know exactly what you鈥檒l pay each month. Plus, consolidating credit cards into one loan means fewer payments and interest rates to worry about. This strategy can streamline your budget and help you stay on top of your bills. Getting a personal loan isn鈥檛 always the best move, however.

  • Do personal loans have lower interest rates than credit cards?

  • While your actual interest rate will depend on your credit score, the amount of money you plan to borrow and the terms of your loan, there鈥檚 a good possibility that a personal loan will have a much lower APR than your credit cards.

  • What happens if you take out a loan to consolidate credit cards?

  • If you鈥檙e approved for the loan, you鈥檒l use the funds to pay off your credit card debt. Depending on the type of loan you get, you might be responsible for consolidating the credit cards on your own, or the lender will ask for your creditor information and pay off the balances. Either way, you owe the money.

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