How to decide whether you should use a credit card or a loan to borrow money - Business Insider

at a lower interest rate. Perhaps your car broke down and you need a new one to get to work, your kid suddenly needs braces, or your house needs a new roof and insurance won't help.

Unfortunately, credit cards have plenty of downsides, including the fact that the average interest rate is now. That's a lot of interest to fork over every month — especially if you have a large balance and need a lot of time to pay it off. While using credit can make sense if you need to borrow money fast, consider the pros and cons before you take the plunge.A balance transfer card that offers 0% APR may let you avoid paying interest on balance transfers and/or purchases for nine to 21 months.If money gets tight, you have the option to pay a small minimum payment each month.You can earn travel rewards or cash back and score important consumer perks like extended warranties, guaranteed returns, and travel insurance.

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