No. of Recommendations: 6
You left out a line:

Total - $70,700

Yeah, it's a big number. But many of us here have paid off this much or more.

First question is do you have positive cash flow each month? Are you able to keep up with all your immediate bills (mortgage/rent, insurance, and debt service), or are you still backsliding? It's difficult to bail out the boat if it's still taking on water. First you need to plug the leak.

Transferring money around for better interest rates can reduce the total interest paid. While 0% teaser rates are great, they do expire, and unless you have a firm plan to get those paid off, you may end up with the balance shifted to an even higher APR. Also, with a high utilization on your cards, your credit score may suffer. Opening new lines of credit also has a negative impact on your score. Ideally, as you pay cards down to zero, they may send you additional balance transfer offers that you can take advantage of without opening new accounts. I did this a few times while paying off my cc debt several years ago.

What you really need to do is sit down and make an honest budget of your income and expenses. Figure out how much you can commit to debt paydown each month. With that number, you can set up a plan of attack. It's generally cheapest to pay off the highest rate debt first, although there is some satisfaction that comes from knocking out a smaller debt out first.

I would not necessarily go for the Prosper loan at 11%. At best, you'd be transferring $10k of 15.24% debt, for a savings of less than $425 ($10k * 4.25% difference) the first year. You would also have to consider the payment schedule, and it's impact on your cash flow. While a credit card may only require a minimum payment of 2% of the balance each month, and fixed loan with a short term and require a larger payment.

My first priority, if I were you, would probably be to attack the $4k at 15.25%. It's your highest rate, and a relatively low balance compared to other high rate options. In parallel, I'd consider options for transferring the $23.5k balance to a lower interest rate, but I'd be reluctant to open more accounts.
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