My Bank had an interest rate of 10% I looked around and got a much lower rate from another company that wasnt related to theBank. I thought the bank did not have a vested interest in me being able to pay doen the credit card. Bottom line here are that entities other than your Bank might be the better way to go.
I did almost the same thing as darlingnikki121. Sofi loan works great. Interest rate is good. Your credit score will improve immediately because the installment loan shows better than revolving credit. And you can set automatic payments to one place and never have to think about it.
Just be careful with credit card spending. Once you transfer their debt to the loan, you'll have a lot of available credit. If you're tight month-to-month, it can be tempting to make credit card purchases. Cut up your cards and delete your saved info online. (Don't cancel the cards, because the available credit also improves your credit score). But make sure not to use those cards again. It can be very easy to get yourself in a much bigger hole.
Yes it is ok if you can get a better interest rate but it will be a hard inquiry on your credit report and cause your score to drop.
But it will also raise your score later as you pay it off .