‘Personal loans – can be better than credit cards’ by Paul Clitheroe

Credit cards are found in almost every wallet these days, and it’s easy to put big ticket purchases, like a new appliance or a holiday, on the plastic. But personal loans can often be a far cheaper option. Convenience could be a key factor behind the use of credit cards to fund large purchases. Personal loans take time to organise, and because this can be inconveniencing, it does provide valuable breathing space to think about whether you really want or can afford an item – and you may decide you can’t afford or don’t want it, and thereby save your money. Chances are, a personal loan could also offer decent savings – on interest rates. Credit card interest rates have been creeping up over recent months and many now charge close to 20%. By comparison, you can expect to pay anywhere between 11% and about 13% with a personal loan.

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