By getting a personal loan you are basically setting the length of time you will be in debt to the length of the loan.  If you use this approach, be sure not to run the balances back up on your cards! 

If you want to see what kind of time frame you could be looking at using this strategy, fill out this form here.

 If you can afford more than your minimums you could also try the "snowball method".

 

THE SNOWBALL METHOD

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The “snowball method” entails setting a budget for your debts and then making minimum payments on all of your bills except the one with the highest interest rate. 

 

 

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As a rule, most people tend to get further into debt with a personal loan, and it normally just deepens the hole they are standing in.  If you do that, you are hurting yourself and making it harder to get out of debt. 

 

To use a personal loan effectively, you need to use the personal loan to pay off higher interest rate debts, such as a credit card, and NOT add any new debt to the cards that were paid off.