Your current financial predicament has led you to tread unexplored waters in search of a viable solution. Should you consider taking out a personal loan to dig your way out of credit card debt?

CNN Money examined this question for your consideration. See how to make the most of taking on debt to get out of debt.

Consider a credit union loan

When combing through your loan options and offers, consider joining a credit union, if you do not already have one. Compared to online lenders, traditional banks and the like, credit unions often have more favorable interest rates. As of 2018, credit unions can only charge as much as 18% interest.

Double-check the interest rate

Speaking of interest rates, the personal loan you use to get out of debt should have an interest rate lower than your current debt’s. That way, you do not waste more than necessary on loan payments. Also, pay close attention to the repayment period attached to a specific interest rate.

Think about your peace of mind

Depending on how much debt you have to pay off, getting a loan to pay off multiple debts in a single blow could improve your peace of mind. Rather than having to keep up with multiple monthly payments, you instead only have to keep up with one. Even if you use your phone to help keep track of payment dates or set up automatic payments, you may still run into hurdles, such as forgetting to act on a reminder or neglecting to put enough money in your bank account to cover the cost of a payment. With a single loan to worry about, fewer things can go wrong.

A personal loan can help with your current debt, but only when used to its full potential.