If you find yourself in a situation where you need a little financial help, take time to think about your options. Automatically reaching for a credit card — or applying for a personal loan — might not be the best money move.
According to the Federal Reserve, consumer debt increased $12.3 billion month over month in July 2020. Interestingly, revolving debt, which includes credit card debt, decreased about $300 million. But nonrevolving debt, which includes personal loans, grew by $12.6 billion.
Bottom line: If you have debt or are facing an expensive but necessary purchase, you can choose how you