Deciding whether a balance transfer credit card or a personal loan is best for your financial situation is something only you can decide. That said, if your credit score is good enough to qualify for a balance transfer card with favorable terms, like 0% interest for 18 months and a low transfer fee, then that is probably your best choice. On the other hand, if your credit score is not high enough to get you the best terms on a balance transfer card, then it may be worth checking into the type of personal loan you can qualify for. This may also be the case if you have too much debt to consolidate with a balance transfer. Personal loans have the advantage of having lower regular interest rates — that intro-APR offer will run out eventually — as well as a longer payback period, with a fixed payment amount. And, perhaps most importantly for some, you can’t use them to run up any more debt. Using a personal installment loan to consolidate your debt is easier than you might think, once you qualify for the loan. The proceeds from the loan are typically transferred into your bank account, for you to use as you wish. At this points, the funds are essentially cash that can be used just like any other money in your bank account.