credit card bills — loan from a friend?

Hi Terry–My husband & I have about $50,000 in credit card bills. Our monthly income is around $5133 and monthly bills including gas,electric,car payment,etc is $3756. We have a friend who is willing to loan us $10,000 interest free and would like us to pay her $500 a month. One of our cc has a balance of $9200. The monthly payment is around $240. So far, we have not taken the loan. If we take the loan and pay off this cc, our monthly payment would be double. Do we take the money and pay off cards with smaller balances and higher interest?? Any advice would be helpful and considered.
Thank you–Steve
ps–I enjoy watching you on channel 9 in the morning

Terry Says:  I see this problem as fraught with danger.  Loans between friends almost never work out.  It’s tempting to focus on the “interest-free” part, but there is a better way.  If you have the money to make the payment on her loan deal, instead DOUBLE the minimum monthly payment on your credit card.  Pay that same amount every month  — even if the minimum goes down — pay the same amount every month and your card will be paid off in less than 3 years!  (It’s a little trick I always like to mention!)  And this way you’ll have paid off your debt and still have a friend!!