Folks who turned to personal loans to manage outstanding balances on credit cards are finding themselves back in card debt months later.conducted by TransUnion between April 2021 and September 2022 found that borrowers who used a personal loan to consolidate their credit card debt saw their balances decrease by 57% on average, but for many, those balances returned close to their previous levels 18 months later.
“Though it may be tempting to see that available credit limit, it’s really important to keep that balance low in order to not get yourself further into debt,” Liz Pagel, senior vice president and consumer lending business leader at TransUnion, told Yahoo Finance.Americans are relying more on credit cards
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