Dave Ramsey Says Personal Loans Are 'Not Worth the Stress.' Is He Right?

There's a reason personal loans tend to be a popular borrowing option among consumers. Unlike mortgages, which you can only use to finance a home purchase, or auto loans, which can only be used to finance the purchase of an automobile, you can use your personal loan proceeds for anything you want, whether it's renovating your home or taking a vacation. Plus, personal loans tend to charge competitive interest rates -- especially when you compare their interest rates to what you might pay on a lingering credit card balance.