When to use a personal loan over a credit card

Make sure you know when a personal loan will offer better solutions for your financial needs than a credit card. (iStock)

Sometimes it’s tough to know whether a credit card or a personal loan is the right choice for your current situation. While both options have their own pros and cons, usually a personal loan is a better solution. 

Credit cards offer a revolving line of credit, which means you can access funds whenever you have available credit. Still, they often come with higher interest rates, and the monthly payments vary. 

Personal loans offer a one-time lump sum

Read More

Refinancing student loans? Here’s the credit score you’ll need

If you’re considering a student loan refinance, here’s the credit score you’ll need, and some more details about refinancing requirements. (iStock)

Paying off student loans can always be a challenge but COVID-19 has made the process tougher for many borrowers. 

The Biden administration has taken steps to help student loan borrowers during this time, including suspending payments and interest on federal student loans. And it’s also considering other student loan reforms, such as possibly forgiving some debt. However, these efforts aren’t aimed at borrowers with private student loans. 

Those whose educational debt is owed to private lenders have

Read More

Student loans should be paid off before credit cards

Americans are in debt.

The average person has more than $92,000 in debt, according to the Experian 2020 Consumer Credit Review.

The most important step to paying off your obligations will be deciding which loans you need to tackle first, according to financial expert and podcast host Suze Orman.

You should start by categorizing your loans as secured or unsecured, said Orman.

Check out this video to see how the bestselling author recommends you determine which type of debt you have and what you need to do after compiling your list.

More from Invest in You:
How much you can

Read More