I owe $15,000 on credit cards with an interest rate of 15%. Should I get a debt consolidation loan?

Q. I owe $15,000 on credit cards that have an average interest rate of 15%. Should I get a debt consolidation loan?

A. This will depend on the type of loan you can get. If you are able to get a personal loan at, say, 9% it could make sense.

Let's suppose you could pay $600 a month on those credit card debts.

In this case it would take you 31 months to get rid of it and would cost you $3,097.97 in interest.

If you were able to get a debt consolidation loan for $15,000 at an APR of 8.253% for...

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