Debt consolidation works by taking out a single loan to pay off multiple other debts. True, consolidating debt with a personal loan means trading one kind of debt for another.

How To Get a Personal Loan To Pay Off Credit Card Debt. Using a personal loan to consolidate high-interest credit card debt is one of the most common uses for a personal loan. Here’s how to get one: ...

If you can secure a personal loan for your total of $12,000 in credit card debt with an APR of 10 percent, you will be able to contribute your $200 each month and start paying off more than your ...

Fixed rates from 8.99% APR to 29.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are ...

Personal loans can be the best loans to pay off credit card debt – for the right consumer. Borrowers may be able to save money, improve credit scores and pay off debt faster.

Key takeaways. Using a personal loan to pay off credit card debt can save money on interest and simplify monthly payments. Personal loans are still a form of debt, and it’s important not to rack ...

While taking out a personal loan is a solid option for paying off credit card debt, another way to go about it is to sign up for a balance transfer credit card that comes with a 0% introductory APR.

When to use a personal loan to pay off debt. One of the main reasons people choose personal loans for debt consolidation is to lower their interest rates. With a lower rate, ...

Use that money to pay off your credit card debt — don’t use it for anything else. If you misuse your personal loan funds, you’ll have both your credit card debt and the personal loan to pay off.