facebookIs it better to get a loan from the bank to pay off the credit card debt knowing loan interest rate is lower than credit card interest rate? - Seedly

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Anonymous

10 Jun 2021

Credit Cards

Is it better to get a loan from the bank to pay off the credit card debt knowing loan interest rate is lower than credit card interest rate?

Discussion (9)

What are your thoughts?

Both are equally bad, it's a vicious cycle. So cut the credit cards and work on a repayment with the bank's!

V

Victor

10 Jun 2021

Level 8·Financial Service Consultant at AIA

It will be the lesser of the 2 evils

On theory, it sounds like a sound plan. Clear the higher interest loan then clear the lower interest...

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