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Posted by / 25-Mar-2020 04:52

Debt repayment is as much about a change in mindset as it is about a change from credit cards to a bank loan.

If you aren’t prepared, taking out a personal loan may just open you up to more spending and more debt.

Find the best personal loan offers that fit your needs: A lower rate is always good, but no interest at all is better.

If you can pay off your debt in one or two years and have excellent credit, a balance-transfer credit card, like the Bank Americard® credit card might make more sense.

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Personal loans will not solve spending problems, however, and they should not be pursued unless the borrower has already made serious steps toward cutting their spending and living within their means.Fortunately, some personal loan lenders like Credible let you check your interest rate before you apply and without hurting your credit. Even if you can’t beat your existing interest rate by consolidating debt with a personal loan, there may be an advantage: With a personal loan, you’ll need to make a fixed monthly payment that will have your loan paid off by the end of the term (usually three or five years).This makes it impossible for you to get stuck in the trap of making minimum payments all the time.In the last decade, personal loans have become much more common—for small projects, big but not huge purchases, and for debt consolidation.Taking out a personal loan to pay off high-interest credit card debt may sound like an easy and simple solution, but it shouldn’t be done lightly.

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