Millennials get biggest credit boost by using personal loans

Saturday, September 23, 2023 6:09PM

Consolidating credit card debt with personal loans may save money, boost credit score: LendingTree

CHICAGO (WLS) — For the first time ever, credit card debt in the U.S. has reached $1 trillion.

But according to financial experts at LendingTree, consumers who consolidate their credit card debt by using a personal loan may be able to save on interest payments and boost their credit score.

RELATED: As student loan repayment begins, some find monthly payments dramatically increased

The bump could be an average of 30 points and up to 71 points, if you’re paying down $25,000 or more in credit debt.

Millennials have the most to gain. People ages 25 to 40 get the biggest credit score boost from using a personal loan to pay off credit card debt.

Personal loans usually have lower interest rates but before taking one, make sure to compare interest rates, and remember – a loan is still debt.

Copyright © 2023 WLS-TV. All Rights Reserved.

Post source: Abc7chicago

You May Also Like

President touts Bidenomics in Pueblo visit

PUEBLO, Colo. — President Joe Biden celebrated federal investments in clean energy…

4 sergeants, 1 officer no longer with Erie PD following misconduct complaint

ERIE, Colo. — Four sergeants and one officer are no longer with…

Incredible story of Arizona school principal who adopted neglected 12-year-old girl, RAVEN WHITAKER-SMITH, covered in head lice and bruises after she was sent to his office to be REPRIMANDED

An Arizona teen, who was living in inhumane conditions in a group…

Aurora couple turns newlywed hobby into award-winning cidery

AURORA, Colo. — Colorado is known for its craft beer and spirits.…