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Personal loan vs. credit card. Which one should you use and for what purpose?

Posted by Community Choice Credit Union on Jul 11, 2016 9:52:04 AM

Before you use your credit card for that big purchase, you might want to consider using a personal loan instead. While your credit card may offer a lower interest rate than a personal loan, making an expensive purchase and carrying a high revolving balance can negatively impact your credit score. This will also cost you more money in interest payments, over time. Here are some helpful tips to help you choose between using a credit card or a personal loan.

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Topics: Credit Score, Finances, personal loan, credit card

Links to third party sites are not owned or operated by Community Choice Credit Union. We are offering the link for your convenience and have no responsibility for the availability, accuracy, or content of this website, its products or services. We encourage you to review their privacy and security policies which may differ from Community Choice Credit Union.

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