Balance transfer card    

Pro

  • 0% introductory interest rate

Con

  • You need good to excellent credit
  • Usually carries a balance transfer fee
  • Interest kicks in typically after 12 to 18 months

Unsecured personal loan    

Pro

  • Fixed interest rate and monthly payment
  • Fixed payment period    

Con

  • Lowest rates go to those with excellent credit
  • Typically carries an origination fee

Home equity    

Pro

  • Lower interest rate than an unsecured loan
  • Does not require good credit    

Con

  • Failure to pay could result in losing your house
  • Repayment terms can be 10 years or longer

401(k) loan    

Pro

  • You borrow money from yourself
  • Loan isn’t counted on your credit report    

Con

  • Reduces your retirement fund
  • Heavy penalty and fees if you can’t repay
  • If you lose or leave your job, the loan is due in 60 days
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