Would you take out a personal loan?

I am a single parent, quite frankly barely making it by… I have about 12k in credit card debt that is tanking my credit. I make good money… I also babysit, rover, Instacart, and drive kids to and from schools. The bills keep piling up and up and I’m drowning. I don’t qualify for government assistance and I don’t know what to do. I am thinking about taking out a 12k personal loan to hopefully save the credit score. Anyone else ever done this?

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The interest on your personal loan would have to be better than the interest on your current debt. Otherwise, you just end up paying more in the end. Are you paying down your debt at all? Do you have a plan for paying it off?

I don't like him as a person, but Dave Ramsey gives out good financial advice. I'd look up his website.

@Courtney I agree with Courtney, also take in to account that if you take out a personal loan to pay off credit card debt it would be smart to not use that credit card again until you’ve paid off your personal loan. Granted, to keep your credit card active use no more than $100 and pay it back. I wouldn’t suggest spending 30% of the card because the amount owed could quickly go up if you aren’t staying stern on yourself within and budgeting. We had about the same in credit card debt, took out a personal loan to pay it all off. Our credit was 620 but has significantly raised to the 700’s since we now do not have any credit card debt.

Is that 12k in credit card debt on one card? I did a debt consolidation a while ago and now have it all paid off with very little debt remaining Also you’ll have to address the income/expenses issue as well. It seems like you may need to start budgeting in order for your income to cover your monthly expenses and some