That’s mostly because credit cards don’t have a set repayment period.In fact, if your balance is high enough, you could never get out of debt by paying just the minimum payment. Between sky-high interest rates and low minimum payments, there’s no end in sight for some borrowers. household has ,662 in credit card debt and ,172 in student loan debt. But despite the lower average balance, credit cards might pose a greater threat to your financial well-being than student loans.Compare rates by personal loan companies like So Fi, Citizens Bank, and Upstart to see how they stack up.And check out other top personal loan companies to see what they offer.Not all personal loan companies offer low interest rates.
If you qualified for a three-year personal loan with 12.00% APR, your monthly payment would be 3, and you’d pay 3 in total interest over the life of the loan.If your budget is tight and you have no plans to make extra money to pay off your debt faster, it might be hard to manage.Some personal loan companies charge an origination fee.These cards offer 0% APR promotions for a period, allowing you to pay down your debt with no interest at all.Most cards, however, charge a balance transfer fee, which is usually between 3 percent and 5 percent.That’s a massive range, and you typically need excellent credit to get the best rates.