Consolidating credit card debt personal loan

Each month you extend your loan means another month of interest fees, so you should seek a balance between keeping the total cost of the loan down while retaining affordable monthly payments.

If you’re one of the lucky 32% of Americans who have a 401(k) retirement account through your employer, you may know that you can actually borrow from your own retirement savings.


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.On the whole, installment loans tend to have much lower interest rates than credit cards, and generally provide better control over the size of your monthly payment.Of course, you’ll still likely want to compare offers from multiple lenders, perhaps through an online lending network like our picks below, to find the best deal.The length of your loan and monthly payments will also contribute to your ability to successfully pay down your debt.

Although it can be tempting to look for the loan with the lowest monthly payment, this method will probably end up costing you the most money by the time your debt is repaid.That said, you’ll still want to ensure you pay off your transferred balance within the promotional period to avoid being charged higher interest rates on any remaining balance.


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