Should I take a personal loan to clear debt?
I owe $20,000 on a Chase credit card. I have not been able to make any payments in the last 4 months. I am scared that the creditor will soon sue me and put me into the jail. This is why I have decided to take out a personal loan of $25,000. The interest rate on the loan is 15%. The interest rate on the outstanding loan is $13.5%. My total income is $70,000 per year. Am I making the right decision?