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    Edmundo Daco Jr.

    Yes, an international student should get a personal loan to pay off credit card debt. This is called refinancing a loan. This is a smart move, especially if you can get a personal loan from a private lender with a lower interest rate compared to the credit card rate. Also, personal loans are paid monthly in installments and not all at once, which will make it easier to pay.

    Getting a personal loan and paying off the credit card debt will also help increase your credit score. By paying off the credit card debt, you are making a good payment history. Also, by getting a personal loan, you are getting more types of credit into your profile. These two factors are very good contributor to increasing credit scores.

    Looking at the situation from a personal finance point of view, however, you should think twice first before getting a personal loan. The fact that you can’t pay your credit card debt means you can’t manage your finances well. Getting a personal loan will make you pay off your credit card debt, but you just transferred the debt to another credit line. It will just be a loan cycle if you will not manage your finances well.

    Note: This is not a legal advice.

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