Combine Multiple Debts
Take credit card balances, medical bills, and other debts and combine them into one personal loan.
Debt Consolidation
Debt Consolidation Calculator
Consolidate credit card debt and high-interest loans into one monthly payment with rates from 6.99% to 35.99% APR
- One fixed monthly payment
- Potentially lower interest
- Clear payoff date
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Debt Consolidation Calculator: See How Much You Could Save
See what you could save when you consolidate higher-interest debt with a personal loan
Your Current Debts
Total Current Debt$0
Weighted Average APR0.00%
Consolidation Loan Details
Loan amount
$0
Auto-filled from your total debts
Your Comparison Results
Current situation
- Total Debt
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- Weighted Average APR
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- Est. Monthly Payments
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- Time to Pay Off
- —
- Total Interest Paid
- —
With consolidation
- Loan Amount
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- Estimated APR
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- Monthly Payment
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- Loan Term
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- Total Interest
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💰 Potential savings
$0
in estimated total interest savings
* Estimated assuming you keep paying the initial minimum payment (2% of balance or $25, whichever is higher) until the debt is cleared
Important disclaimers
This calculator provides estimates only. Actual savings depend on the actual APR you qualify for based on your credit profile, whether you pay off debts on schedule, and any fees charged by lenders (origination fees, etc.).
Current debt interest is estimated assuming you keep paying the initial minimum payment (2% of balance or $25, whichever is higher) every month until the balance is cleared. If your card recalculates the minimum each month, the payment shrinks with the balance and both the payoff time and the interest paid would be considerably higher. Your actual interest paid may vary based on your payment behavior.
Consolidating debt does not guarantee savings. Always compare the total cost of your new loan (including fees) versus continuing to pay current debts.
Best Personal Loans Near Me is not a lender. We connect you with lending partners who determine your actual rates, terms, and fees.
How Does Debt Consolidation Work?
Typical debts consolidated include:
Get One Fixed Payment
Replace multiple varying payments with one predictable monthly payment at a potentially lower interest rate.
Pay Off Debt Faster
With lower interest and a clear payoff date, you could save money and become debt-free sooner.
Benefits of Debt Consolidation Loans
Typical debts consolidated include:
One Monthly Payment
Simplify your finances with one payment instead of juggling multiple due dates and amounts.
Potentially Lower Interest
Consolidate high-interest credit card debt (18-25% APR) into a lower-rate personal loan (6.99-35.99% APR).
Fixed Repayment Schedule
Know exactly when you’ll be debt-free with a set term (12-84 months) unlike revolving credit cards.
May Improve Credit Score
Paying off credit cards can lower your credit utilization ratio, potentially boosting your score.
Debt Consolidation Options: Which is Right for You?
This type of loan can be helpful if you:
Who Should Consider Debt Consolidation Loans?
Debt consolidation may be right for you if:
- You have multiple credit card balances at high interest rates
- You’re making minimum payments but balances aren’t decreasing
- You have good to fair credit (580+ credit score)
- You have steady income to afford the monthly payment
- You want a clear plan to become debt-free
Debt consolidation may NOT be right if:
- Your total debt is less than $1,000 (fees may not be worth it)
- You can pay off debts within 6 months without a loan
- You haven’t addressed spending habits that created debt
- You plan to continue using credit cards after consolidation
Debt Consolidation Loans for Bad Credit
Can you get a debt consolidation loan with bad credit? Yes, but with important considerations:
Options for bad credit (580-639 score):
- Personal loans: Available but with higher APR (25-35.99%)
- Credit unions: May offer better rates than banks
- Co-signer: Can help you qualify for better rates
- Secured loans: Lower rates but require collateral
Important considerations:
- Make sure loan APR is LOWER than your current debt APRs
- Avoid predatory lenders charging excessive fees
- Consider credit counseling as alternative
- Focus on improving credit first if possible
We work with lenders who consider:
- All credit types including fair and poor credit
- Income and employment history, not just credit score
- Your complete financial picture
Debt Consolidation Loan FAQ: Common Questions Answered
Short-term (0-3 months): A hard inquiry may drop your score 5-10 points temporarily. A new account slightly lowers average age of accounts. However, if you pay off credit cards, utilization drops significantly (positive).
Long-term (6+ months): On-time payments build positive payment history. Lower utilization improves your score. Debt reduction improves debt-to-income ratio.
Net effect: Usually positive if you make on-time payments and don’t accumulate new debt.
You may save money if:
- New loan APR is LOWER than weighted average of current debts
- You avoid late fees and penalty APRs on credit cards
- You pay off loan on schedule without extending term unnecessarily
Example — current situation:
- Card 1: $5,000 at 22% APR
- Card 2: $3,000 at 19% APR
- Card 3: $2,000 at 24% APR
- Weighted average: 21.4% APR
- Minimum payments: $350/month
With consolidation at 15% APR:
- Loan: $10,000 at 15% APR for 36 months
- Monthly payment: $346
- Savings: $2,400+ in interest
Use our calculator above to see your potential savings.
Usually can consolidate:
- Credit card balances
- Medical bills
- Personal loans
- Store credit cards
- Payday loans
- Collection accounts (sometimes)
Usually cannot consolidate:
- Secured debts (mortgages, auto loans)
- Student loans (use student loan refinancing instead)
- Business debts (use business loans)
- Tax debt (IRS payment plans are better)
Note: Some lenders can pay creditors directly; others deposit funds to your account.
General recommendation: NO, keep them open.
Why keep cards open:
- Maintains credit history (age of accounts)
- Keeps available credit high (lowers utilization)
- Helps credit score
What to do instead:
- Cut up physical cards if needed for discipline
- Set up small recurring charge (Netflix, etc.)
- Set up autopay to avoid late payments
- Don’t use for new purchases
Exception: Close cards with annual fees you can’t afford or if temptation to overspend is too high.
Application to funding:
- Application: 5-10 minutes
- Initial decision: Same day to 24 hours
- Document verification: 1-2 business days
- Final approval: 1-3 business days
- Funding: 1-7 business days after approval
Total: Typically 3-10 business days from application to receiving funds.
Paying off creditors:
- If lender pays directly: 5-10 business days
- If you pay yourself: As soon as you receive funds
Potential risks to watch for:
- Higher total cost if you extend term: A 60-month loan may have lower payment but higher total interest than a 36-month loan.
- Accumulating new debt: If you use credit cards again after consolidation, you’ll have BOTH loan payment + new credit card debt.
- Origination fees: Some lenders charge 1-8% of loan amount as fee. Make sure savings outweigh fees.
- Predatory lenders: Avoid lenders charging excessive fees. Watch for loans with APRs higher than current debts.
- Not addressing root cause: If overspending caused debt, consolidation alone won’t help. Consider budgeting, financial counseling.
Learn More About Debt Consolidation and Credit Card Debt
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Read MoreReady to Apply for a Debt Consolidation Loan?
Compare debt consolidation loan offers from multiple lenders. See your options with no impact to your credit score.
- Free to use, no obligation
- Soft credit check only
- Compare multiple offers
- Secure and confidential
- 256-bit SSL Encryption
- 4.8/5 Average Rating
- BBB Accredited Business
Important Debt Consolidation Loan Information
Maximum APRUp to 35.99%
Loan Terms61 days to 84 months
Loan Amounts$1,000 to $50,000
Representative Loan Example:
Loan Amount: $10,000 · APR: 24.99% · Term: 36 months · Monthly Payment: $361 · Total Repayment: $12,996 · Total Interest: $2,996
IMPORTANT: Best Personal Loans Near Me is not a lender. We provide a platform that allows users to submit information to third-party lenders and financial service providers who may offer loan options. We do not make credit decisions, set interest rates, or guarantee loan approval. All loan terms, rates, and fees are determined solely by individual lenders. Actual APR will depend on your credit profile, income, and lender criteria. Not all applicants will qualify.
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