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Question By
Shujaa

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Is it wise to taking personal loan, to pay off credit cards?
My credit cards have very high interest rates, will it be wise to take a personal loan, from my bank at a lower interest rate to pay off the credit cards?

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I would say that it would be wise as it would lower your credit card utilization and that would help credit and it would also save you some money and add "credit mix" if you don't currently have an installment loan. Just make sure that you find a loan that will be reported to all three credit bureaus. Also make sure that you don't rack debt back up on your credit cards!

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