With interest rates rising paying down credit card debt is a great idea. But is using a personal loan a smart way of eliminating credit card debt. This week a listener wrote in with this exact question so I will help walk them through what they should know before paying off their credit cards with a personal loan.

Sources

Average credit card APR - https://www.bankrate.com/finance/credit-cards/average-credit-card-apr/

Federal Reserve Consumer Credit Data - https://www.federalreserve.gov/releases/g19/current/

The Personal Finance Podcast - https://www.thepersonalfinancepodcast.com/get-rid-of-your-debt-once-and-for-all-with-chris-browning/

 

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