Credit Card Debt consolidation, is it worth it?
Hey all. I’m 26m and have about 9k in credit card debt on 2 cards. I make 60k a year before taxes. It started from a sudden loss in income 3 years ago and a little while longer to change spending habits with an unfortunate health event. I definitely could’ve been better but hindsight is 20/20. I have good money in my 401k and Roth IRA, but would love to pay off this debt faster. I live with family still so luckily I don’t pay rent.
Currently my monthly allocations are broken down somewhat like:
401(k): $180
Health benefits: $175
Car Loan: $177
Car insurance: $110
Phone bill: $36
Private Student Loans: $550
Federal student loans: $1000
My question with this info would be, is it worth to get a personal loan and pay off the credit card that way. The interest rate on the credit cards are high and unfortunately the cards are due at different times during the month making saving more difficult. Any info/help/advice is appreciated!