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Same payment, three ways ($15,000, $600 a month)
| Option | Time to pay off | Interest + fees |
|---|---|---|
| Keep the card (22.36%) | 2 yr 10 mo | $5,379 |
| Loan at 11.9% (same $600) | 2 yr 5 mo | $2,324 |
| Balance transfer, 3% fee, 18 months 0% | 2 yr 3 mo | $870 |
When each one makes sense
- Balance transfer: you can pay the balance plus fee within the intro period, and you qualify for a limit large enough.
- Consolidation loan: you need 2–5 years, want a fixed payment and end date, or the balance is too large for one card.
- Neither: if the new rate is not lower than your current rates or you would keep adding to the cards.
Rates shown are Federal Reserve national averages for comparison, not offers. Your APR depends on credit; transfer offers need good credit and a new card limit large enough for the balance.
Sources and assumptions
- Federal Reserve G.19 Consumer Credit (August 2026: credit card plans, accounts assessed interest 22.36%; 24-month personal loans 11.90%; commercial banks)
Related
Frequently asked questions
Is a balance transfer better than a debt consolidation loan?
It is usually cheaper if you can pay off the balance during the 0% period. If you cannot, the rate after the intro can make a fixed loan cheaper.
What is the average personal loan rate?
The Federal Reserve’s G.19 report shows 11.9% for 24-month personal loans at commercial banks in August 2026.