It's never a good idea to take on high-interest debt just because it's cheaper than it used to be.<br />However, if you have a strong credit score and you're trying to pay off credit card debt, it might be smart to consolidate it.<br />Business Insider reports the 'spread' between interest rates on credit cards and personal loans hit an all-time high during the first quarter of 2020.<br />Put simply, that means there's never been greater potential for saving money on interest.<br />Personal loans used to pay off credit card balances allow you to make fixed payments, at a fixed interest rate, for a fixed repayment period.<br />Borrowers with credit card debt paid an average of 16.62% in the first three months of the year.<br />Meanwhile, the average rate on personal loans for the same period was 9.63%. That's a difference of nearly seven percentage points.
