Pay off credit card with personal loan

Hi
New to this forum so be nice

Recently bought, renovated and moved into new home. Lots of outgoings, the last of which went on my credit card (to keep the <80% LTV). Balance of approx. 7.5k. Repayments are fine but the monthly interest is huge.

Does it make more sense to take out a personal loan and use it to pay off the credit card debt?

If I do so - are there likely to be penalties for early repayment of the personal loan?
Fortunately the repayments are not a problem - I just feel like there is a financially more efficient way to manage the debt.

Would welcome any opinions.

Thanks!

You have answered your own question! yes of course you should not have used your CC to fund the long term purchase. Luckily you appear to have the option of borrowing the sum by way of personal loan to pay off the CC balance. there are no penalties for paying off a personal loan early!

If you can get a loan of course it is absolutely the best way to approach this. Credit card debt will generally attract a much higher interest rate (~17-21%) compared to a personal loan (~7-9%). Credit cards are expensive to pay off. Using them to facilitate a purchase is fine but the sooner you can pay it off the better. Also check the T&Cs of the card. Very frequently you will find little presents like interest payments are taken before principal and a partially paid off purchase continues to attract interest on the full amount until it is completely cleared, in other words not only are you paying more expensive headline interest you are paying it in spades.

Can you switch to a new credit card with zero introductory offer as a temporary solution while you sort out a loan.

What is the interest rate on the CC, check out a credit union or bank loan to see what the best options are.

Hello, new here too.
From my experience, you have to lie to the bank. I tried to do it, and they told me that I qualified for the loan but they cannot land me money to pay back other debts.
I think is because all banks come down to groups, and they cover each other asses. If you tell them you want 8k to go crazy in Las Vegas for two weeks, they will give it to you hands down, and you will benefit from a lower interest .
I did it in the UK with HSBC bank, i borrowed 5k and i paid off two credit cards. It saved me hundreds of pounds.

@misguided - I would join a Credit Union and borrow what you can there.
They may refinance the lot if you have a good history which it seems you have depending on their credit policy.