Unveil Hidden Secrets to Compare Debt Consolidation Loans
Real-World Examples and Data
According to a report by the Federal Reserve, the average credit card interest rate is around 16%1. By consolidating with a personal loan at a lower rate, such as 7% to 10%, you could significantly reduce your interest expenses. For instance, if you have $10,000 in credit card debt at 16% interest, switching to a 7% loan could save you over $1,000 in interest over a three-year term.
In addition, a survey by Bankrate found that nearly 60% of Americans have used a personal loan to consolidate debt, highlighting its popularity as a financial strategy2.