No. of Recommendations: 3
The biggest thing to watch out for with a loan vs line of credit is that the payments are more fixed. It's great that you are paying more money on the credit cards then you need to. But it might be wise to make sure that any loan that you take out has more of a "cushion" in terms of total monthly payments. With your credit cards, if a tight month came up, you could reduce your total payments for the month. With a fixed loan you don't have that same luxury.

If you end up decided that you would like to consolidate but have trouble qualifying with a traditional bank, you could consider somewhere like Prosper. I had consolidated credit card debt with them about 7 years ago. And actually the consolidation actually improved my credit score to a point where I could get an even better rate from somewhere else only 2-3 months later. That obviously isn't something you should plan on happening yourself, but it was a nice side effect for me.

But whatever you decide the most important thing is to not add more debt. Most people who take out consolidation loans tend to increase their credit card again soon after.
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