Personal loan for debt replayment

[Debashis]

Do you believe personal loans are a viable option for debt repayment, or are there better alternatives to manage and reduce debt?
Don't you think it's a crazy idea to take a loan to repay another loan?

 

[NinjaTrader]

A personal loan for debt repayment can simplify finances by consolidating multiple debts into one. For example, if someone has credit card debt at 20% interest, a personal loan at 8% can save money and reduce stress. Another example is using a personal loan to pay off medical bills, replacing high-interest payments with a manageable monthly plan, helping to regain financial stability.

 

[Jim1]

Utilizing a personal loan for debt repayment can be a strategic move to consolidate high-interest debts into a single, more manageable payment. Pros include potentially lower interest rates and simplified debt management. However, it's essential to avoid accumulating new debt and ensure the total repayment amount is affordable. Careful budgeting and commitment to timely payments are crucial for successful debt repayment using a personal loan.

 

[Enyi]

Yes it's a crazy idea to take a loan to repay another loan. Because you just have yourself wallow in debt and it becomes a chain