...charges are eating me away.? I would like to consolidate my debt ($20,000), which is mostly credit card debt, by taking a line of credit with Bank of America? From the explanation I received from this bank, it sounds like it is another credit card. I have thought about taking an unsecured simple intertest loan at 13%, but the line of credit APR is 8.9%, which is really enticing. I would take either loan for 5 years with fixed monthly payments.

Which of the two approaches (loan or line of credit) would YOU take to save the most money, and why, for paying off high interest credit card debt?

Has anyone one ran into this situation before? How did you resolve it?

I can certainly use the extra money to buy my son clothes and school supplies.

Thank you.