Debt Problems

Should I take out a loan to reduce credit card debt?

I was thinking about taking out a personal loan to pay off some of my credit card debt (about 13k). The loan would be at lower interest than my current credit cards. Should I do this, or are there any other suggestions?

Public Comments

1. If you have great credit you might get the loan if not you won't. If the interest is lower why not?
2. You could do that if it's lower interest or roll what you can safely pay off in a year or so over onto an interest-free credit card - those usually last about a year before they put on interest. If you can't get the whole amount on, then after you get some of the money on it, you could take a loan for less, and have to pay interest on less. I know someone who just keeps doing that - as the time approaches for the interest to be added on, she just rolls the remaining balance over onto a new zero balance credit card.
3. Only take out a loan if you have solved the problem of charging on the credit cards. Otherwise, you wind up with the credit card debt and the loan that you used to consolidate the debt.
4. Take out the loan and cut up the credit cards. Its a vicious cycle that banks use on you. I cut up mine years ago and I still get phone calls, e-mails,etc. for credit cards.