💳 How can you better manage your credit and credit cards during a financially stressful time? Start here.
3. Don’t count on personal loans or 'buy now, pay later' products to improve your credit
Some consumers may opt to consolidate their credit card debt with a personal loan. The interest rate on a personal loan may be lower than your existing credit card rate, depending on your credit score. Generally, the higher your score, the lower the rate. Personal loan rates currently range from 3% to 36%,However, personal loan rates are variable and will tick higher as the Fed raises interest rates.
However, BNPL products generally don’t report your payment information to the major credit bureaus . However, they may report when you miss a payment and become delinquent. So
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