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want2bedebtfree

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Need advice on debt refinancing options
I am hoping someone can contribute some creative ideas to help me with my situation. Here goes.

I made the mistake of starting two businesses and using persona credit to pay bills rather than opening lines of business credit.

One of my businesses has been since closed down and the other took off.

I now have about 64k in credit card debt and I am trying to get creative in figuring out a way to pay off everything faster.

I have 60k in credit card debt across a few credit cards, with an average interest rate of 22%. Here are all of the details of my situation:

650 credit score
94% credit card utilization ratio
No other debt
Never missed a payment
No derogatory marks on my credit
Age of credit history about 4 years
Minimum payments every month equal about $3,400
I have minimized all spending as much as humanly possible and am on an extremely tight budget

I have enough monthly income right now to pay all of my bills, plus the minimum monthly payments on my debts, but not much left each month. I am making more and more money every month because my business is doing very well but I want to pay everything off as quickly as possible.

I am about to pay $10k off of the highest interest rate accounts, which should drop my utilization down to about 80% and my total credit card debt to about $54k.

I am debating on next steps. With a credit score of approximately 650 and a credit card utilization ratio so high, I cannot get a personal loan with a decent interest rate.

I am wondering if I were to take a $20k personal loan with a relatively high interest rate of 20% or higher, is it worth it because it makes my credit card utilization ratio will drop a lot right away? Will I see a decent enough rise in my credit score after paying down the additional $10k as well as moving some credit card debt to a personal loan that I will be able to get another loan at a lower rate within a couple of months?

Ideally I would like to get all of my interest rates down as low as possible so I can pay everything off within 2 years at most.

Does anyone have any creative ideas about how to consolidate and refinance all of this given my scenario?

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Oh and one more thing to mention - I do not want to go into a credit counseling program or debt consolidation program.  I feel like for the best long term results I should just keep diligently paying everything off so I want to do this the hard way.  Any thoughts or suggestions would be much appreciated!

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