Many people who take out loans to pay off credit cards and other obligations wind up worse off, with more debt and more stress than before they applied. Some people, though, successfully use debt consolidation loans to turn a bad financial situation around.
Emilie Burke of Raeford, North Carolina, is doing just that. Burke, a recent college graduate, used a $6,000 personal loan from online lender Upstart to pay off some of the $13,600 credit card debt she incurred as a student.
Since receiving the loan in November, Burke says shes paid down the balance to $4,500 and reduced her remaining credit card debt to $2,500. Burke, who works as a data specialist, also used balance transfer offers with a 0% annual rate to lower her credit card intere…
Read the full article at: http://www.cbsnews.com/news/borrowing-your-way-out-of-debt/
