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caitnlucas

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Which is worse for credit? CC or loan
I have credit card debt with high interest rates and I was approved for a personal loan through my credit union with an interest rate of less than half and it will also pay it all off completely. Is there a pro/con to either? Also, which is worse on credit, the credit card debt or loan?

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Credit card debt is worse if you are utilizing a lot of your credit line. Paying off the credit card with an installment loan at a lower rate may be a very good idea, just don't rack up any more debt on the credit card.

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