Newsletter - Balance Transfer vs. Personal Loan: Which Should I Choose?

This is your Newsletter. [LPB]( [LPL]( [LetmePayday Newsletter]( You Might Like     [Learn more about Jeeng](  [Balance Transfer vs. Personal Loan: Which Should I Choose?]( [Balance Transfer vs. Personal Loan: Which Should I Choose?]( When it comes to consolidating debt and lowering your interest expense, credit card balance transfers and personal loans can be two excellent and similar options. However, like most financial products, both balance transfers, and personal loans have pros and cons that need to be taken into consideration. For example, while balance transfers may have a 0% interest rate, they often come with a fee and have relatively short promotional periods. With that in mind, here’s a guide to help you decide which is the best choice to help you take control of your debt. Personal loans for debt consolidation It used to be rather difficult to obtain a personal loan, especially if you didn’t want to pledge collateral. That’s changed in recent years, as peer-to-peer lenders and other online lenders, as well as traditional banks, have rapidly expanded the unsecured personal loan market. In most cases, you can check your ability to obtain a personal loan without initiating a hard credit inquiry, and you can find personal loans in any amount ranging from $1,000 to $100,000 from a variety of lenders. [[icon] Read MoreÂ](  [Get the money you need](   [How To Make Your Money Work for You When Bank Interest Rates Are Low](  [How To Make Your Money Work for You When Bank Interest Rates Are Low]( Investors and savers alike are at a bit of a crossroads when it comes to earning a good return on their money. Although market interest rates have been ticking higher in 2022, the amount paid on bank accounts remains woefully low. Meanwhile, inflation is the highest it has been in decades, driving up the daily cost of living for consumers. In this type of environment, it can take some work to get the most for your money. Here are some options to consider in this difficult environment. Check Online Banks for High APYs and Promotions Savers at traditional banks have earned essentially nothing on their deposits over the past few years. As of Jan. 18, the average savings rate at banks across the country was just 0.06%, meaning many banks paid even less than that. But if you’re willing to bank with an accredited online institution, which carries the same FDIC insurance as your brick-and-mortar bank on the corner, you can typically score yourself a much higher payday. For example, at Marcus by Goldman Sachs, you can get a no-fee saving account paying a 1.50% APY, more than 8x the national average rate. Additionally, Marcus currently offers a $100 bonus if you deposit $10,000 in new money and keep it there for 90 days. Other online banks also frequently offer sign-up promotions, so shopping around can really pay off if you want to earn more than a 0.06% APY on your idle cash. [[icon] Read MoreÂ](   [12 Reasons Credit Cards Are Must-Haves for Financial Well-Being](  [12 Reasons Credit Cards Are Must-Haves for Financial Well-Being]( As long as you manage your credit spending and payments responsibly, there are endless advantages to using a credit card. They offer rewards, protection, and convenience. Why use credit cards? Other payment options, like debit cards and cash, may seem like an easier way to stay within budget. Credit cards have a reputation for encouraging holders to spend money they don’t have — especially when enticing offers come in the mail. But here at Money Under 30, we think a good credit card is a must-have. When used responsibly, credit cards can be great for your financial well-being. In fact, smart credit card holders can earn money just by using their cards. So, what are the benefits of a credit card, and how can using one help you come out ahead? Here are 12 ways. 1. They Build Credit History Perhaps the most important reason to have a credit card is to build up your credit history. [[icon] Read MoreÂ](  You Might Like     [Learn more about Jeeng]( Connect with LetmePayday on Social Media Pages [Facebook]( [Linkedin](    [Unsubscribe](