Bad Credit Credit Cards – Are There Loans with Lower Interest Rates?
Posted on | January 28, 2010 | No Comments
If you currently hold a bad credit credit card you know just how high the interest rate can be. Over the last several months credit card companies have drastically increased interest rates on most credit cards. Even some of the best borrowers are finding that their interest rates have skyrocketed to above 20%. With this being the case many people are wondering if there are loans with lower interest rates.
At the present time, personal loans have an average interest rate between 12% and 18%. If you have good credit and you have not missed bill payments in the past it might be a good idea to research a personal loan instead of getting a credit card. If you are good credit borrower who has seen your credit card interest rate jump you might want to look for other options.
Before jumping into a personal loan you might want to read the terms and agreements. Most personal loans act like a car loan or mortgage in that you will make monthly payments plus interest. If you are getting an interest rate lower than your credit card there is no reason that you should not take out a personal loan.
The credit card industry has often had many consumers left without options. This is no longer the case as there are many ways to borrow money in to present economic environment. By simply doing some searches for other types of loans you will likely have the ability to borrow money at a lower interest rate if your credit card rate has skyrocketed.
Author: Alan Lake
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