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Debt Consolidation
Consolidation combines multiple balances into a single loan or card, ideally at a lower rate than the average of what you're currently paying. It doesn't reduce what you owe — it can reduce what it costs you to pay it off, if you qualify for a rate that's actually meaningfully lower.
Sound familiar?
- •Several balances, several due dates, hard to track
- •Credit is fair-to-good and income is stable
- •Want to avoid the credit impact that comes with settlement
- •The math only works if the new rate beats your current blended rate
Options people in this situation weigh
- A personal consolidation loan from a bank, credit union, or online lender
- A 0% or low-rate balance-transfer card, if the math and payoff timeline fit within the intro period
- A home-equity loan or HELOC — worth extra caution, since it turns unsecured debt into debt secured by your home
- A nonprofit credit counselor's debt management plan, which can sometimes get reduced rates without a new loan
Related reading
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