Ask Terry Questions Personal loan

Personal loan

By Terry Savage on October 09, 2023 |

I am single and work full time. I have 25,000credit card debt and was thinking of getting a personal loan to pay off.
Please advise
Thank you so much,

Terry Says

That doesn’t make sense. Here’s what to do:
Take the CURRENT minimum monthly payment.
Double that amount. Write it down.

Pay that same amount every month — double the current (not the new) –minimum monthly payment.
Don’t charge another penny on the card.

It will be paid off in less than 3 years (instead of the maybe 30 years if you keep paying only the minimums!)

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