Are you tired of making multiple credit card payments throughout the month, always worrying that you might forget one and incur late fees? With a personal loan you can pay off multiple credit cards at once and get yourself out of expensive credit card debt. Just make one convenient monthly payment on the personal loan and forget about different credit card company interest rates and timetables.
Personal Loans Are Often Less Expensive Than Credit Cards
The average credit card interest rate today is 20.21% according to data collected by The Balance¹. Compare that to good rates on personal loans, which can be 4.5% to 5.5%, and you see why paying off credit cards is a great use of a personal loan.
Before you write another check to a credit card company or tap Make Payment in another credit card app, consider how much further your money would go if you were paying down a personal loan instead.