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.