If confronted with this kind of question or situation, the best thing to do is do some research and check your options. Most credit cards comes with higher interest rates thus very costly it you have a big balance on your card. Before you make a decision to either take-out a personal loan or transfer to a zero or low interest balance to pay off your debt, you have to study your options and their consequences.
Can you request your card issuer if they could reduce your interest rates? Can you afford to pay your debts without additional credit accounts. Studying your options to get the right decision will help you lower your interest and thus you can save and protect your image from your creditors.
Balance transfer vs personal loan balance transfers are made by switching one credit balance over another credit card. Sometimes this is done to avail of a lesser interest rates or maybe to avail of some promo rate. Personal loans on the other hand are offered by banks and some credit unions and come on a secured or unsecured loans. Usually these have lower interest rates especially if you have pledge a collateral.
Credit card balance transfers is good if you can pay off your debt during their promo period since after the promo period interest rates will go back to a higher level. For secured personal loan, if you default, the company/bank will take your collateral to recoup its loan.
When it comes to working yourself out of a debt, seek financial advice from Melbourne Accountant.