Combine debts on a personal loanThe key benefit of a personal loan is that it has a set term. That means repayments are calculated so that at the end of the loan period the debt is cleared.While you might still wear an interest cost of 8 per cent to 14 per cent, that's still likely lower than your credit card and the set term could mean a bigger saving because it makes you clear the balance once and for all.Transfer balances onto a low-rate credit cardThis is are a popular option because the balance transferred often enjoys an interest free term, aslong as 14 months. The key to making it work is setting up a repayment plan, just like a personal loan would, to ensure the debt is cleared in that interest free period.