06-08-2024, 02:40 PM
Utilizing a personal loan for debt repayment can be a strategic move to consolidate high-interest debts into a single, more manageable payment. Pros include potentially lower interest rates and simplified debt management. However, it's essential to avoid accumulating new debt and ensure the total repayment amount is affordable. Careful budgeting and commitment to timely payments are crucial for successful debt repayment using a personal loan.