Transfer a balance within 60 days of opening an account to get the 0% deal; otherwise the rate will be 21.9% p.a. The product, APR and promotional offer are dependent on your personal circumstances.

Since you have a credit card, the chance that you carry a balance is fairly high - and so is the chance that the interest rate on your credit cards is fairly high, too.

So, how can you avoid paying such high interest rates to the credit card companies whom you owe?

Transfer a balance within 60 days of opening an account to get the 0% deal; otherwise the rate will be 20.9% p.a. 0% interest on purchases for up to 20 months from account opening.

Once the 0% deal ends the balance transfer rate will be 20.626% p.a. The APR and length of the promotional period may vary depending on your personal circumstances.

(That way, you can get away from the high interest rates and reduce your monthly payments to just a single payment on just the one personal loan.) P2offers loans of all types - so, you can even avoid the credit card trap altogether and finance just about anything you'd normally put on a credit card.

But the really fun part about P2P Credit is that it's not a credit card company - the money for all of the loans comes from individual investors (real people!

If you're not in debt - or if your debt is at a very low introductory or promotional interest rate - there is NO reason to consolidate your debt into a loan.

(The advantage comes from the lower interest rate.) However, if you are carrying credit card balances at high interest rates, it makes sense to consolidate as much of your credit card debt as possible into a personal loan.

) who have decided to invest small amounts of their own money into each loan (a process called P2P lending).