CEO Loretta Roney Offers Expert Insights in U.S. News Feature

We’re excited to share that Loretta Roney, CEO of InCharge, was featured in a recent U.S. News & World Report article: “You Can Use a Personal Loan to Pay Off Credit Card Debt – But Should You?”

In the piece, Roney breaks down the pros and cons of a strategy that’s on a lot of people’s minds, especially during a period when personal credit card debt is at a record high.

According to recent data, outstanding consumer credit card balances have climbed to $1.21 trillion. That’s right, trillion with a “T.” When debt climbs that high, smart repayment strategies matter more than ever.

So, what’s the deal with using a personal loan to tackle credit card debt?

The article explains that personal loans can be a powerful tool – if used wisely. For folks who are financially disciplined, a personal loan can offer lower interest rates, fixed payments and consolidated repayment.

But it’s not all smooth sailing. Personal loans can come with high fees and tough terms, especially if you have a weak credit score. If overspending was the root of the problem, taking out a loan could add fuel to the fire.

If a personal loan doesn’t seem like the right fit, or you’ve already applied and been denied, don’t worry. You still have options.

Our nonprofit debt management plans offer a structured, sustainable path to becoming debt free. We work with your creditors to lower interest rates, reduce monthly payments and pay off debt faster without the need to take out a loan.

Start your free credit counseling session today and discover your options.

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