Credit Card Debt
Hi Terry…enjoy hearing your advice on WGN. Today you answered a question regarding credit card debt, what is your thought on paying off with a low interest loan?
Terry Says
The question is “where” do you get the lower interest loan? What is its true cost? What is the impact on your financial plans.
Yes, of course, it’s better to pay a lower rate for sure. But even better to just get out of debt!!
Reminder: interest on a home equity loan used to pay for credit card debt is not deductible.
