If you’re struggling with a lot of credit card debt, using a personal loan fordebt consolidationmay seem like a silver bullet.
One of the most talked-about benefits of using a debt consolidation loan is that it simplifies your payments. Instead of making payments to a handful of credit card accounts with variable APRs, you can pay them all off with a personal loan and then repay the new lender a fixed amount each month.
However, the biggest question to ask yourself when considering a debt consolidation loan, according to Shant Nicole Harris ofFinancial Common Cents, is this: How much will you actually save on interest?
Harris argues that doing a balance transfer with a zero-interest credit card is a better option if you can qualify f…
Read the full article at: https://www.cnbc.com/select/how-to-choose-between-loan-and-zero-percent-apr-card-for-debt/
