Ask Terry Questions Personal loan for current debt?

Personal loan for current debt?

By Terry Savage on July 19, 2019 | Credit/Debt

My husband and I have about $12,000 in credit card debt amongst about 5 credit cards. Some of that is collecting interest some is not. Would a small personal loan to pay all that off in one lump sum to get a lower interest rate be a good idea?

Terry Says

It would be a great idea to consolidate your loans — if you have good credit and can find a lower interest rate.  Search for a personal loan at or  Just, please, don’t make the mistake of keeping your cards in your wallet and being tempted to charge them up again!  Set a goal for paying down the new loan — and make sure there is no penalty for prepayment.



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