Hi guys,

Let start a discussion about apply for personal loan to pay cc debt. Is it a good move if we apply for personal loan (interest rate about 6% p.a) to pay off credit card debt (1.5% p.m = 18% p.a)?

from my point of view, it is a good move, we save about 12% p.a. am I correct?

18% per year is just nominal rate, means u actually have to pay more than that, the actual effective rate is 19.56%. so u are saving 13.56% per annual if u can find a 6% personal loan