Should I consolidate my debt with a loan?

[RippleChoc]

I have £4,500 debt across two credit cards with high APR (21%). The 0% period has just ended on one of them, so both are now at 21%-ish and from doing some eligibility checkers I wouldn't get another 0% card.

I pay just over £100 a month between them as I can't do any more at the minute, but the interest each month is eating a lot of that up.

I have a personal loan which was taken out to help start our business 2 years ago, which sits at 7% APR. I have the chance to top this up and add an additional amount, so I am considering adding the 4.5k to pay off those two credit cards (then close the accounts as I haven't actually purchased on them for a long time now, they were used to get me out of a hole a long time ago.)

With the difference in APR between them, am I right in thinking it makes sense to do this and would be cheaper in the long run?

Personally I would not mix business and personal finance. Can you find another loan at a similar rate?
How come your business loan can be extended but you can't get credit - is it guaranteed against something?

How long have you had the credit card debt for?

if it has been a few years and you aren’t making a dent I would look into refinancing a personal loan. You may pay a similar interest rate but at least you will have an end date