People on the Move: Ginger Silverman

If you’re planning a wedding, this conversation is a must.

Having debt is nothing to be ashamed of. In fact, according to CNBC, 70 percent of college students graduate with student loan debt (the most common type of debt faced by newlyweds).

But if you do have debt (or your partner does), the one thing you need to do—no matter how uncomfortable or awkward it feels—is discuss it with each other.

“It’s important you’re transparent, for better or worse,” says Jeff Motske, president and CEO of Trilogy Financial and author of The Couple’s Guide to Financial Compatibility. “Get it out on the table now, because there’s nothing worse than statements showing up in the mail or online and all of a sudden, you realize you’re both liable for paying off the debt.”

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You’re in a pinch and in desperate need of money. You’ve already asked family members for help, but nobody can assist you. You’ve heard of a personal loan before, but is taking one out a good idea?

In short, it depends on your particular financial situation. If you’ve racked up high-interest credit card debt, for example, and you can take out a personal loan with a lower interest rate to consolidate and pay off that debt, a personal loan might be right for you. But if you have other assets you can borrow against that will have lower interest rates — such as a 401(k) loan or a home equity line of credit (HELOC) — you might want to consider pursuing those lines of credit instead of a personal loan.

Here’s everything you need to know about when a personal loan might be worthwhile, and when you might want to look elsewhere.

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