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How Consolidating Debt Can Help

With debt consolidation, you refinance your debt by taking out one loan1 to pay off several others. A debt consolidation loan can make debt easier to manage and save money,2 so you can focus on what matters most.

Potential benefits of debt consolidation:

  • Pay fewer bills each month when multiple outstanding debts are combined into one balance
  • Save money and pay off your debt faster with a shorter repayment term
  • Take control of your money with a monthly repayment plan that fits your budget
  • Consolidate at a potentially lower interest rate to save even more money

Explore Your Options

Begin building your ideal debt consolidation plan here – in 60 seconds or less.

Based on your needs, we’ll recommend a personal loan, credit card or other plan to help you manage your debt.

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Start in the right place, take the right actions, and form good financial habits to help you make better, more confident financial decisions. Together, we’ll build a debt consolidation plan that puts you on the path to financial wellness.

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Frequently Asked Questions

What are the pros and cons of debt consolidation?

The benefits of debt consolidation include simplifying paying your bills by having fewer to keep track of, saving you money by lowering interest rates you were paying or shortening the time it would take you to repay your debt. The cons can include going deeper into debt by using the loan frivolously, paying more in interest on a larger amount, and putting your home or other collateral at risk.

How could debt consolidation affect my credit score?

Ideally, your credit score will improve from your debt consolidation plan, but it could also decline. Here’s what you need to know. Typically your credit score will improve, if you pay your debt consolidation loan on time, eliminate balances or reduce your debt to under 30% of the credit you have available to you, diversify your debt by taking out a different type of loan (if you typically had credit cards before), or you’ve changed the way you spend so you avoid taking on additional debt.

However, you could negatively impact your credit score if you keep taking on debt and increase your ratio of debt to credit availability, you’re late in paying your bills, or you apply for loans or accounts that you can’t qualify for.

More questions? Contact us.

Credit Card Calculators

Personal Debt Consolidation Calculator

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

Personal Debt Consolidation Calculator
Debt & Credit

Take Control With Debt Consolidation

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

February 2019 Take Control With Debt Consolidation
Debt & Credit

At What Point Should I Consolidate My Debt

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 At What Point Should I Consolidate My Debt
1

All credit products are subject to credit approval.

2

This material is presented for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not provide legal advice.

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