Although credit cards are a valuable safety net for financial emergencies and offer flexibility to make purchases, a personal loan is typically a more affordable way to pay for purchases over time. Credit cards can seem much easier on your budget, but only paying the minimum payment every month on a credit card can add years and hundreds of dollars to your total cost of a purchase.
Personal loans allow you to borrow money for a variety of reasons including debt consolidation. As long as you make your payments on time, you know what to expect and exactly when you'll be making your last payment.
