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If your monthly credit card bills are causing you stress, now might be a good time to consolidate your debt. Debt consolidation can help you take control of your budget allowing you to pay down what you owe faster. Generally, it involves taking out a loan to pay-off your current debts that offers a lower interest rate or more favorable repayment terms. Debt consolidation can eliminate the hassle of juggling multiple credit payments. Plus, the right debt consolidation strategy can improve monthly cash flow as well as save you money over time.

Debt Consolidation

Is debt getting you down? If so, you're not alone. Most people have more debt than they want. If you're looking for a solution - debt consolidation is one common option that can help you get your finances under control.

How Does Your Debt Compare?

The average American's personal debt (non-mortgage).1

  • Ages 18-24: $22,000
  • Ages 25-34: $42,000
  • Ages 35-49: $49,000
  • Ages 50+ : $36,000

$1.04 Trillion
is the combined amount Americans owe in credit card debt

60% of Americans
can't afford to pay their credit card balance in full each month

4 out of 5
Americans want less debt3

Take Control by Consolidating Your Debt

POTENTIAL BENEFITS OF DEBT CONSOLIDATION

  • Save Money (image of piggy bank)
    Pay less in interest
  • Budget More Easily (image of calculator)
    Take care of bills with one monthly payment
  • Pay off Debt Faster (image of clock)
    Lower you interest to speed up repayment
  • Protect Your Credit Score (image of score report with 720 figure)
    Use a manageable plan to lower the chance of default

Find Your Debt Consolidation Solution

Debt can be a roadblock to any financial journey, especially high-interest debt like credit card balances. Not sure which solution is right for you? Start by exploring the graphic below.

WHY ARE YOU INTERESTED IN CONSOLIDATING YOUR DEBT?

Reason 1 | I have multiple loans (with multiple payments) and want to simplify my life

PERSONAL LOAN (image of pen and document)

  • Fixed interest rate
  • Fixed monthly payments
  • One-time payout

LOW-INTEREST CREDIT CARD (image of credit card)

  • Variable interest rate
  • Flexible payment options
  • Ongoing access to credit

HOME EQUITY LOAN (image of house with dollar sign)

Requires Collateral

  • Fixed interest rate
  • Fixed monthly payments
  • One-time payout

HOME EQUITY LINE OF CREDIT (image of house with circling arrows)

Requires Collateral

  • Variable interest rate
  • Flexible payment options
  • Ongoing access to credit

Reason 2 | I'm interested in lowering my interest rate

PERSONAL LOAN (image of pen and document)

  • Fixed interest rate
  • Fixed monthly payments
  • One-time payout

LOW-INTEREST CREDIT CARD (image of credit card)

  • Variable interest rate
  • Flexible payment options
  • Ongoing access to credit

MORTGAGE REFINANCE (image of house)

Requires Collateral

  • Fixed interest rate
  • Fixed monthly payments
  • One-time payout

HOME EQUITY LINE OF CREDIT (image of house with circling arrows)

Requires Collateral

  • Variable interest rate
  • Flexible payment options
  • Ongoing access to credit

Reason 3 | I'm interested in a 0% balance transfer offer so I can pay down my debt faster

LOW-INTEREST CREDIT CARD (image of credit card)

  • Variable interest rate
  • Flexible payment options
  • Ongoing access to credit

Reason 4 | I'm looking for a lower fixed monthly payment

PERSONAL LOAN (image of pen and document)

  • Fixed interest rate
  • Fixed monthly payments
  • One-time payout

HOME EQUITY LOAN (image of house with dollar sign)

Requires Collateral

  • Fixed interest rate
  • Fixed monthly payments
  • One-time payout

MORTGAGE REFINANCE (image of house)

Requires Collateral

  • Fixed interest rate
  • Fixed monthly payments
  • One-time payout

Have more questions or don't see the proper solution for you?

Schedule a Financial Wellness Review With a Banker

to learn more about consolidating your debt with KeyBank.

Schedule an Appointment

Call Us

1-800-KEY2YOU® (539-2968)

Clients using a TDD/TTY device:
1-800-539-8336

Clients using a relay service:
1-866-821-9126

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