Should I Consolidate My Debt?
If your debt is growing and your interest costs are on the rise, debt consolidation might be right for you.* Find a loan that works for you with our easy-to-use service! In just seconds, we'll match you with offers from top providers, tailored to meet your needs.
What is debt consolidation?
Consolidating your debts means merging multiple high-interest debts into one single loan, ideally with a lower interest rate. This might include credit card debt, personal loans, payday loans, or medical bills.
By combining multiple debts into one account, you only need to make one payment on those debts each month. This can be helpful if you’re struggling to balance budgeting both for your debt repayment and your regular expenses. A more predictable payment schedule may allow you to pay off your debts faster, especially if your consolidation account carries a lower interest rate.
Is debt consolidation right for me?
Consolidation can be an excellent option for people who have high-balance, high-interest credit accounts and are prepared to commit to breaking the borrowing habits that led them deep into debt.
For those who qualify, consolidation options may come with a lower APR than other types of credit accounts—or even special introductory APR offers. This can make a huge difference if high interest rates are affecting your ability to pay down your balances. People who consolidate their debts are most successful when they have the cashflow to make regular payments.