How a Personal Loan Could Make Paying off Holiday Debt Easier

Read this before borrowing for Christmas Paying off Holiday.


  • Holiday debt isn’t ideal, but sometimes it’s necessary.
  • Personal loans may be appropriate for borrowing.
  • Personal loans offer lower interest rates and upfront cost and repayment information.

Ascent’s 2022 best personal loans

This is excellent if you can afford Christmas goods without borrowing them. Avoiding debt is the best option because you won’t have to worry about financing charges or making payments for months or years Paying of Holiday.

Life happens, and the holidays arrive before you save enough. If this is your situation, you may want to spend as little as possible, but you may need to spend something to avoid disappointing loved ones and to give yourself some joy.

  • For several reasons, a personal loan may be the best way to borrow.


These personal loans are best for debt consolidation.

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1. You’ll know all costs upfront.

Personal loans are more predictable than credit cards, making holiday debt repayment easier.

For a fixed-rate personal loan, you’ll know how much interest you’ll pay. You’ll also know how much to pay each month and over time with a repayment schedule.

Before borrowing, you can determine if the debt is worth it and affordable. Credit cards have low minimum payments. That makes it so there’s no guarantee of how long it will take to pay back what you’re borrowing or how much you’ll spend in financing charges by the end.

Having more certainty will make your life a lot easier since you’ll go into borrowing fully informed and with a clear payoff plan.

2. Your repayment period will be clearly defined

As mentioned above, credit cards usually require low minimum payments. If you pay only the minimum, most of the money just goes towards interest and not bringing down your balance. As a result, you won’t necessarily know exactly how long it’s going to take to pay back what you borrow — and you could end up spending decades covering the cost of this holiday’s loans.

This won’t happen with a personal loan. Personal loans have a fixed term. If you pay on time, a two-year loan will be paid off in two years. You won’t pay for this holiday season for years by sticking to a loan with this schedule.

3. Credit cards may have higher interest rates.

Finally, personal loans have lower interest rates than credit cards, making them cheaper to pay off.

For these three reasons, borrowing for the holidays with a personal loan may make debt repayment easier and cheaper. Don’t miss those benefits.

2022’s best Ascent personal loans

Our independent experts examined the fine print to find personal loans with low rates and fees. Get started by reviewing Ascent’s best personal loans for 2022.

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