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However, a balance transfer card requires discipline to pay it off before the promotional rate expires, usually no more than 21 months.

The amount of credit card debt you can transfer is limited, typically no more than ,000.

The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.

A debt consolidation loan is a good strategy if you: In this article, you can read about: Nerd Wallet’s top lenders for debt consolidation How to compare debt consolidation lenders How to consolidate debt successfully If your credit is good, you can apply for a 0% interest credit card and transfer your existing balances to it, which could save you money.

For some people, it’s a smart choice that gets your debts organized while potentially lowering your monthly payments. When you take out a personal loan for debt consolidation, you receive funds to pay off all of your existing debt, like your credit card balances and high-interest loans.

You then make a single payment to your lender, rather than having to make multiple payments each month.

Adding 5-10 monthly credit card bills can overwhelm your bill-pay. Going on vacation or having a hectic few days can result in several late payments and hundreds of dollars in fees.

Nonprofit credit consolidation companies provide you with the convenience of making one monthly payment to help you become debt free.

Consolidated credit companies are another name for credit counseling agencies.

They advise consumers on budgeting and discuss options available for eliminating debt.

What lenders are looking for: Any reputable lender will check your credit history and ask about your income and debt when deciding whether to offer you a loan.

Your credit history directly affects the interest rate you are offered, and so does your ability to repay the loan.

An unsecured personal loan can be a great tool to consolidate your debts and get a fixed monthly payment at a lower rate.