Consolidation loans could save you money by offering lower interest rates for paying off credit card debt.
Refinancing credit cards using a personal loan can offer a lifeline for paying off credit card debt at a lower interest rate. The trick is finding a loan to pay off credit cards that will save you money.
“If you don’t qualify for one of the top balance transfer credit cards, using a personal loan to consolidate debt is an excellent option. A loan gives you an opportunity to pay off your debt at a lower interest rate,” says Beverly Harzog, best-selling author, credit card expert and consumer finance analyst at U.S. News.
Here’s how you can find the best loan with the most favorable terms that you have the best odds of qualifying for.
What Is the Best Interest Rate on a Personal Loan?
When you shop around for the best personal loan interest rate, you can save. Compare your personal loan offers with national average trends for personal loans to know if you’ve found a good deal.
The average personal loan rate is 10.84%. Last week’s average rate was 10.84%.
*Rate as of June 10, 2020.