How to decide between using a personal loan or a 0% APR card to get out of debt

If you're struggling with a lot of credit card debt, using a personal loan for debt consolidation could be helpful because it simplifies your payments and offers a fixed interest rate. But it's important to consider how much you'll actually save in interest compared to what you're paying now. In some cases, a 0% APR balance transfer credit card could be a better fit, especially if you can pay off the balance during the promotional period.

Both options have their pros and cons, so it's worth comparing them based on your financial situation.

Intro APR balance transfer cards can allow you to pay zero interest on existing debt for up to 21 months. This can easily save you hundreds in interest payments.

Depending on your situation, you may also be able to transfer more than one credit card balance to the new card (as long as the total doesn't exceed your credit limit), and you can even sometimes transfer a family member's balance to help them out.

Some of the best intro APR credit cards that offer balance transfers are the Citi Simplicity® Card and the Wells Fargo Reflect® Card.

However, balance transfer cards typically require good to excellent credit, and they do have other limitations. If you have a lot of debt, it may easily exceed the balance transfer limit (which is often lower than your actual card limit), leaving you with another extra credit card to keep track of. Most cards also charge a balance transfer fee of 3%, unless you opt for a no-fee alternative.

You can use a personal loan to simplify paying off your credit cards but there are other benefits to consider.

Typically, personal loans have a lower fixed-rate APR. This means that your interest rate will be locked in and you'll pay the same monthly amount until the loan is paid off. Loan terms can range from just a few months to upwards of three years. Longer-term lengths usually come with higher interest fees.

Unlike credit cards, which are revolving credit, personal loans are a form of installment credit. When you finish paying off the personal loan, you're finished for good. A credit card's APR, meanwhile, will jump to the standard purchase APR once the introductory no-interest period is over, and you'll still be able to make purchases with the card even after it's paid off. (We recommend keeping your credit utilization at no more than 10% to 30% and paying it off every month to avoid more debt.)

Getting a personal loan is also sometimes easier than a credit card, especially if you have a fair or average credit score. Many lenders, including both brick-and-mortar banks and online peer-to-peer platforms, offer personal loans, which may be more accessible than credit cards, especially as card issuers have become more stringent in approving applicants.

For example, LightStream, a popular online lender under SunTrust Bank, advertises a range of APRs between depending on the amount you are borrowing, the length of your loan term and your credit history. Happy Money also lets you consolidate your credit card debt and pay it down over time at a lower interest and solid rate.

While personal loans can be convenient, it's important to compare costs and benefits before choosing.

For example, if you had $10,000 worth of credit card debt at an APR of 22%, you'd pay $3,748.56 in interest over three years, according to Calculator.net's credit card interest calculator. With a personal loan at 13% APR, you'd pay $2,129.82 in interest over the same period, saving you $1,618.74. However, just because personal loans tend to offer lower interest rates than credit cards doesn't mean every personal loan is cheaper. Most lenders, though, allow you to perform a soft inquiry and find out if you are preapproved, and there are even some third-party websites, like LendingTree, that help you compare offers.

A 0% APR balance transfer card can be an appealing option if you qualify for the promotion and plan to pay off the debt within the promotional period. During this time, you won't pay any interest, and your entire payment goes toward the principal balance. This can potentially save you more money in the short term, especially if you're disciplined about paying it off quickly.

Ultimately, the best option depends on your personal financial situation, including the amount of debt you have, your credit score and how quickly you can pay it off.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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Information about the Wells Fargo Platinum Card and Wings Visa Platinum Card has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the cards prior to publication.