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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.
Talk to a Lending Specialist
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.
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.