Your Money Minute Personal Loans For Credit Card Debt 3/5/26
Mar 5, 2026
A fast look at rising U.S. credit card balances and what that means for borrowers. A discussion of personal loan rates and how they can sometimes mirror card interest. A reminder that refinancing alone does not stop overspending. Information about nonprofit credit counseling as a tool to break the debt cycle.
AI Snips
Chapters
Transcript
Episode notes
Nationwide Credit Card Debt Reached Record Levels
- U.S. credit card debt hit a record $1.28 trillion at the end of 2025.
- Jessica Ettinger cites CNBC reporting that rising household debt comes despite continued strong consumer spending, per the New York Fed.
Personal Loans Are Fueling Consumer Credit Growth
- TransUnion expects personal loans to drive consumer credit growth in 2026, outpacing new mortgages and credit cards.
- CNBC's Sharon Epperson warns average personal loan rates are about 12% and subprime borrowers often pay over 20%.
Use Nonprofit Credit Counseling Before Taking A Personal Loan
- Consider nonprofit credit counseling rather than relying solely on personal loans to manage card balances.
- Sharon Epperson notes personal loan rates may be similar to card rates and recommends free nonprofit counseling to break the cycle.