Level 1

Credit cards

Highly recommend you do that, you will not be sorry! I did it a couple years ago. With a loan you will get much lower interest rates than you probably get on the credit cards. I highly recommend using a credit union though rather than bank if you do decide to go this route. I got a loan from Wells Fargo to pay off my credit cards. Wells Fargo was only charging me17% interest. But my 13 credit cards all ranged from 19.99-29.99% so figured 17% was better than 20%+. After paying on that loan for about 7 months we opened up a savings at a credit union, (just needed to deposit $5 in the savings and keep it there to keep account open) so I called the credit union to see what terms were for personal loan through them and was able to get same $ amount with interest at 8%. My payments were almost cut in half and it amazes me how fast my balance continues to go down every month. I know how discouraging it is to feel like yourmonthly payment is just going to interest and the balance barely goes down if at all. I was so pleased I did the same with my car loan. The bank was charging me 18% interest and whenwe switched over to the credit union they did it with interest at 3%. And again, I’m amazed at how fast the balance continues to drop!