Yes, I’ve done this. I used a local credit union to do this as they have the lowest rates. My credit cards had interest rates ranging in the 19 to 25% range and initially my personal loan was 10.99%, but after 6 months my credit score went up considerably (~50 points), and I was able to refinance at 6.99%. I kept the same term and monthly payment though. This was the lowest rate they offered, and is quite competitive from what I’ve researched. My credit score was pretty good, and now it’s really good.
As others have said, the important and critical thing is not to fall right back into old habits: it’s easy to put non-essentials and superfluous charges on credit cards. For me the challenge was recurring subscriptions/membership payments, Amazon Prime and the occasional restaurant/bar tab. In my head I’d say that I’d pay these off when I made them but then I’d wait and they’d accumulate. Then something would come up like a car repair. And then I’d get stuck with a balance. The solution has been to change my subscriptions/memberships to come directly out of my bank account or use a debt card. I’ve also recently got a newer car and have tried to be better about actually
budgeting for car repairs (everyone should!).
Either way definitely consider the personal loan: the interest rates are much lower than credit card interest. I wish I’d swallowed my pride and stupidity sooner and got the stupid loan. Best of luck!
