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Debt consolidation might sound complicated, but the idea is pretty straightforward. Debt consolidation takes all the debts you owe and rolls them into one, more affordable payment. Having fewer bills to manage can make repayment easier. You can save money on interest and even use that money to pay down your debt faster.

Benefits of Debt Consolidation

The interest rate and repayment rules of your new loan will determine which benefits can apply to you.

  • Pay fewer bills each month. Combine multiple debts into one balance for fewer bills to juggle.
  • Shorten your repayment term. Save money by putting less toward interest and paying down the principle balance sooner.
  • Set a budget. Build a money plan around your bills and expenses.
  • Find a lower rate. Consolidate at a lower rate or get a low promotional rate on a credit card balance transfer to save big on interest.
  • Improve your credit score. If you make your payments on time and avoid taking on more debt, you could raise your credit score.

Debt Consolidation Guidelines

Debt consolidation could be a good option when your debt amount is manageable for your income, you can qualify for a plan that will benefit you, and you can budget to avoid more borrowing. Here are some guidelines:

  • Total debt amount (not counting a mortgage, if you have one) is 40% or less of all your income before any taxes or deductions.
  • Credit score is strong enough that you could qualify for a low interest personal loan, 0% balance transfer credit card, home equity loan or home equity line of credit.
  • Income is enough that you can make your new monthly payment.
  • Budget allows you to pay your expenses without taking on more debt.

Ways to Consolidate Debt

You can consolidate your debt by paying it off with a personal loan, low balance transfer credit card, mortgage refinance, home equity loan or home equity line of credit. The best choice depends on your personal situation and goals.

Debt Consolidation Personal Loans

Fixed monthly payments that fit my budget.

Debt Consolidation Credit Cards

A 0% intro APR on balance transfers to help pay down my debt.

Debt Consolidation Home Loans and Lines

See if I can save money by using home equity.

Talk to Us

Come into a branch to talk to us and have all your questions answered.

Calculators

See What Debt Consolidation Could Look Like for You

Find out how a consolidation loan can help you pay off all of your personal debt.

See What Debt Consolidation Could Look Like for You
Debt & Credit

When to Consider Debt Consolidation

After hearing about all of the debt consolidation options out there, you may be left wondering, "How should I consolidate my debt?" The process of debt consolidation is more intuitive than most may think.

February 2019 When to Consider Debt Consolidation
Debt & Credit

How to Make Debt Consolidation Work for You

Make a plan to manage your debt — and consider consolidation as a tool to help you do it.

February 2019 How to Make Debt Consolidation Work for You

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