If you’re looking for the cheapest way to pay down your high-interest credit card debt and you have a good credit score, you have options, including balance transfer credit cards and unsecured personal loans. Either choice will help you consolidate your credit card debt and eventually become debt-free, but there are several factors you should consider while weighing a balance transfer versus a personal loan.
Snapshot: Balance transfer credit card vs. personal loan
|Balance Transfer Credit Cards||Personal Loans|
|Type of debt||Better for smaller debt that can be paid off in full in a shorter amount of time||Better for larger amounts of debt that may take years to pay off|
|Repayment terms||Need to pay the balance in full by the end of the 0% APR period||Need to make fixed payments each month for the|