It could cost you long after the monthly bills are paid. A new LendingTree analysis shows more than 8% of personal loan requests are now for routine expenses.
That's more than double the rate from just a few years ago.
Instead, you should cut or pause all nonessential spending to help cover necessities without borrowing.
You can also contact your utility company, landlord or lender before taking out a loan.
Many may offer payment plans or hardship programs that can cost far less than paying interest on a personal loan.