Several years ago, I had a coworker, Autumn, who had a penchant for peacocks that bordered on an addiction.She had a collection of peacock-themed housewares and handbags, plush peacocks of all shapes and sizes, and a particularly pricey peacock-shaped coffee table in the middle of her parlor.If you're borrowing a personal loan as a new debt obligation for home renovations, a wedding or a honeymoon, make sure you understand the terms and that you can repay the loan on time.When you understand the Personal loans are the now the fastest growing consumer debt category, according to new data from credit bureau Trans Union.That can save you significant interest costs and help you pay off your credit card debt faster. A large scale default by borrowers in an unfavorable economic environment could raise concern.However, unlike mortgages, the balances on personal loans are smaller.When you consolidate credit card debt, you combine your existing credit card debt into a new, single personal loan at a lower interest rate.For example, many credit cards have annual percentage yields (APRs) ranging from 10-20%.
How Personal Loans Can Help With Credit Card Consolidation A personal loan is one of the best solutions to help manage credit card debt.
Prospective borrowers can complete an application online and receive funding within days or less. Accessibility Prior to the fintech boom, access to personal loans arguably was more limited to banks and some alternative, higher yield lenders.
Today, the growth of online lenders has made personal loans more accessible and broadly accepted.
With a loan through Avant.com, your interest rate is fixed.
You’ll know exactly what your monthly payments are and how many of them you’ll need to make in order to pay off your loan.