I called my bank and got full details before committing. Same with Lending Club, they had a myriad of plan options to choose from before making the final decision.
Another suggestion is to take a plastic container, fill it with water, and add your credit cards, then pop them in the freezer so they are in a solid block of ice. They are still with you, but it will take a while for the ice to melt so you can use them. A cure for impulse buys, but they are there if you really need them.
I don't remember where I read this, but it sounds like it might work for you.
My first method was a balance transfer loan from another credit card company. They offered 0% for 24 months. There was a 3% transfer charge. So say if my credit card balance was 10,000, the total loan was 10,300. I was committed to getting this paid off in the 24 months so I made equal payments of roughly $430 a month. If you go this route, you must be COMMITTED to get your spending under control and pay off in the allotted time. Otherwise interest rate increased to over 20% apr after 24 month period. I probably saved thousands of dollars with this method.
I have also used Prosper to consolidate my CC balances. Depending upon your credit rating, you can get a 3 to 5 year loan from around 6% up to 15% apr. Both methods will benefit you if you dont put new charges on your existing CCs. It will definitely hurt you if you continue to accrue balances on your CCs.
Do some research and find out what will work best for you. If you have a long standing history with your bank or credit union, you may get a lower interest rate on a loan.
Good luck. It feels great not having all that CC debt looming over you every month. BTW, my credit rating went up considerably a few months after I paid off my CCs. My CR is in the low 800s now. One more advantage to paying them off!
I know this thread is old but for anyone considering it I wanted to recommend checking out Best Egg because I was denied a bank personal loan but got approved with them and I have been really happy with them overall! There are no early payoff fees, hidden interest, etc. They even have flexible payment options if you need to skip a payment (I don't recommend doing this but its nice they offer it so your credit doesn't get hurt if you cant make the large payment one month trying to pay down your debt quickly) I did a 3 year term to get my debt paid of quickly so the monthly payment is very high but it is worth it if you want to get out of debt! I agree with everyone's advice too about keeping your credit card accounts open but cutting up your credit cards and trying to change your spending habits. It is really hard once you get this loan because you still have the same payments each month and cash flow is still just as tight and now you have these open cards it is really tempting to use them. Just keep moving in the right direction and paying off debt the best you can. Good luck to everyone out there in this same battle! Our generation got started off on the wrong foot with all this student debt and it creates a mess for the rest of our finances right out of the gate.