Personal Loan vs Credit Card
Fixed installment vs revolving APR
Installment loans have a set term and payment; cards revolve and minimums can stretch payoff for years. Compare total interest before consolidating.
Bottom line
If card APR is double the loan rate, consolidation can help only if you stop adding new card debt.
FAQ
- Should I consolidate card debt into a loan?
- Model both with the same balance and monthly payment. If the loan total interest is lower and fees are small, it may be worth exploring with a lender.