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Here are the 6 things Debbie, or any other borrower, should look at before deciding which type of financing to pursue.

This is the first, and probably most important, thing to look at when comparing credit cards and personal loans.

If you have more than three debts and your creditors want different amounts of money at different times of the month you may find it difficult to co-ordinate your payments in a way that works with your budget.

If this is the case, consolidating your debt into one easy and affordable loan may well be the answer.

The repayment amount would be the same, but it would take a year longer.

If the terms of the installment loan require payments over five years (60 months), even at a lower monthly payment, it will cost more than repaying the credit card directly.

For example, if it will take you three years (36 months) to pay off the credit cards making a 0 payment each month, it will cost ,200 to repay the debt.

Two popular options include a 0% interest balance transfer credit card and an unsecured personal loan.

Either will help Debtor Debbie become Debt-free Debbie, but there are a number of things she should consider make before reaching a decision.

You might save money if you pay your credit card debt with an installment loan with a lower APR.

The important factor is how long it will take you to repay the loan as compared to the credit card.

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