Debt Consolidation Loans
Combine multiple balances into one monthly payment and potentially lower your overall interest cost.
Common Options
- Fixed-rate personal loans
- Balance transfer credit cards
- Home equity products (where appropriate)
What to Check
- Total payoff timeline
- Origination and transfer fees
- APR after promotional periods
- No prepayment penalties
Best Practices
- Avoid adding new debt after consolidation
- Automate monthly payments
- Track debt-to-income progress