Paying Down Credit Card Debt? Balance Transfer vs. Personal Loan

Carrying a credit card balance? A balance transfer or a personal loan could help you pay it down. The right choice may depend on how much you owe and how long you'll need to pay it off. SoFi Personal Finance Reporter Starla Sampaco breaks down how each option works, what it costs, and how to choose between them. In this video, you'll learn: - How a balance transfer works, including 0% APR promo periods and typical transfer fees. - What happens if you don't pay off your balance before the promo period ends. - How a personal loan's fixed rate, fixed payment, and fixed end date compare. - How a hybrid approach can combine a balance transfer with a personal loan. The goal is to help you choose the credit card payoff option that is right for you, whether that's a balance transfer, a personal loan, or both. This video is intended for: - Anyone carrying credit card debt from month to month - Borrowers weighing a 0% APR balance transfer card - Borrowers considering a personal loan to consolidate credit card debt - Anyone approaching the end of a balance transfer promo period Starla Sampaco is a contracted SoFi employee. This content is provided for informational and educational purposes only and should not be construed as financial advice. Terms and conditions apply. SoFi Bank, N.A. Member FDIC, NMLS #696891. Explore personal loan options at SoFi: http://sofi.com/smarter Resources featured in this video:SoFi Personal Loan Rate Check: https://www.sofi.com/personal-loans/Federal Reserve Consumer Credit (G.19): https://www.federalreserve.gov/releases/g19/current/ Additional Resources: What Is a Personal Loan? https://www.sofi.com/learn/content/what-is-a-personal-loan/ Part 1: Balance Transfer vs. Personal Loan — https://youtu.be/rn8dvWt4it8 Part 3: Balance Transfer vs. Personal Loan — https://youtu.be/7xtHfecqMZY About SoFi®: A finance company that could help you get ahead. Get Your Money Right® with SoFi. Connect with SoFi: Subscribe to SoFi on YouTube: https://www.youtube.com/channel/UCuoYE0bfkZCwaspBVQ59jfQ?view_as=subscriber?sub_confirmation=1 Like SoFi on Facebook: https://www.facebook.com/SoFi/ Follow SoFi on Twitter: https://twitter.com/SoFi Follow SoFi on Instagram: https://www.instagram.com/sofi/ Follow SoFi on LinkedIn: https://www.linkedin.com/company/sofi/