It’s no surprise, then, that credit card debt nationwide is soaring. The average U.S. household has $8,284 in credit card debt, according to personal finance website WalletHub. Another site, Value Penguin, puts the number even higher at $9,333 for indebted U.S. households.
But they don’t come without risks. Here’s a breakdown of the benefits and drawbacks of using a personal loan to consolidate your credit card debt.
Sounds weird, doesn’t it? Using a loan to eliminate debt. But in a world of complex financial instruments, personal loans are an anomaly in that they’re easy to understand and pretty straightforward. Here’s why you might want to use one to consolidate your debt.
As for the risks…