Stroup recalls working with clients who refinanced a few payday loans into a single personal loan through a credit union, cutting rates from over 300% down to 11% to 18%. Qualifying for debt ...

Key takeaways Using a personal loan to pay off credit card debt could be a smart move if you can secure a lower rate or are juggling multiple credit card payments Paying off credit card debt with a ...

Understanding the pros and cons of personal loans is important when shopping for a lender and deciding whether to apply for ...

More borrowers are choosing personal loans over balance transfers to pay off debt. Here's why a personal loan might save you ...

Payday loans: These loans are structured in a way that pays off the loan with your next paycheck — but come with extremely high fees and rates. Some payday loans can charge in excess of 200% APR ...

Debt consolidation. With good enough credit, you may be able to take out a loan with a lower interest rate to pay off your payday loan in full (as well as any other high-rate debts you want to get ...

Americans tidied up their household balance sheets to start 2025, cleaning up some credit card and auto loan debt, new data showed Tuesday. CNN values your feedback 1.

Let's say you take out a $1,000 payday loan with a $15 fee per $100 borrowed. That means you'll owe $150 in fees alone, and you'll be expected to repay the full $1,000 principal plus that $150 ...

American consumer debt hit $18.2 trillion in the Q1 2025, according to the Federal Reserve Bank of New York; While credit card and auto loan balances are both declining, student loan debt and ...

Credit card and auto loan balances fell by $29 billion and $13 billion, respectively. Aggregate delinquency rates increased to 4.3% from the fourth quarter and to a level in line with what was ...