Consolidating debt with a personal loan

See also: 5 Ways to Get a Loan With Bad Credit You can get a personal loan at most banks, credit unions, and a variety of online lending companies.

The amount you can borrow depends on the lender, your credit, and your income.

I was wondering if it's a good idea to use a personal loan to consolidate debt, namely my credt cards? It looks good on paper but with this much debt I'm wondering if the banks would consider my application to start with and if there are any pitfalls I should avoid.

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What is the answer is to scale down one's lifestyle dramatically. If you just make minimum payments on your credit card, your balance comes down minimally and will take bookoo years to pay off.

First off, this person needs to cut up the credit cards, and quit spending any money except that which is required to live each month. If he cannot make the minimum payment each month, then send a little each week. At least get a lower rate card and even better, a term (3 or 4 yr. They will pay off your card, cancel the account and you will cut the card up!

The personal loan with fixed payments and years is the way to go if you can swing the payments. It's a free service that negotiates with your creditors to lower or even eliminate (yes--to 0%) the interest rates on your cards.

They act as a consolidator in that you pay them one amount and they disperse it to your creditors for you.

Page 1 of 3About one half of all American households are carrying credit card debt, with an average balance above $15,000.

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