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Credit Card Or Personal Loan: What's The Best Way To Borrow Money?

Video Credit: Wochit - Duration: 00:49s - Published < > Embed
Credit Card Or Personal Loan: What's The Best Way To Borrow Money?

Credit Card Or Personal Loan: What's The Best Way To Borrow Money?

Borrowing money via a credit card may be fast and convenient, but it isn't at all cheap.

According to Business Insider, the average credit card interest rate is currently over 17%.

On the other hand, personal loans come with fixed interest rates as low as 5%, fixed monthly payments, and a fixed repayment timeline.

Personal loans are usually best for people who need to borrow with a plan.

But there are downsides, too.

For instance, you can't pay them off early and avoid paying the interest.

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