By trading in high-interest credit card debt for lower-interest personal loan debt, credit card refinancing can save you money. But there are a few pitfalls to avoid.
A long loan term could result in more overall interest, even if the APR on your loan is lower than your cards. The longer period of time it takes you to pay off your debt, the more interest you may pay.
Also, if you continue to charge your cards, refinancing is only a band-aid. Along with refinancing, review your budget and your financial habits so you don’t find yourself in a cycle of debt.