Learn how to pay off credit card debt with a personal loan - NerdWallet Advertiser Disclosure

Learn about paying off debt with a personal loan

Consolidating or refinancing debt with a personal loan can save you money — and help you know exactly when you’ll be debt-free. Get started

If you re in debt you re not alone

We get it — debt happens. Things add up, especially if you have kids, your income varies from month to month or you get an unwelcome surprise (like a medical bill). In fact, the average American household with credit card balances owes more than $16,000, and pays about $1,300 in interest every year.

How consolidation loans work

There are a number of benefits to consolidating or refinancing debt with a personal loan: Lower interest rates: You’ll borrow one lump sum at a lower interest rate that’s used to pay off other bills. Simplify payments: If you use your loan to pay off several bills, you’ll wind up with just one payment every month. Set a fixed term: Since personal loans have fixed terms, you’ll know exactly when you’ll be debt-free.

Is debt consolidation right for you

A personal loan for debt consolidation could be a good strategy if you can answer “yes” to these questions: Do you have a tough time keeping up with multiple smaller payments? Can you avoid adding to your debt while you’re paying off what you already owe? Will you qualify for a loan with a lower interest rate than the one on your existing debt?

Finding the best loan

You can get a loan from a bank, credit union or online lender. And since finding the right personal loan is easier when someone else has already done the research, you’re in luck – we’ve spent more than 4,000 hours evaluating online lenders and loans to help you make smart, informed decisions about debt consolidation.
Our site and application process are safe and secure, and seeing if you qualify won’t affect your credit.

If you’ re in debt you’ re not alone

We get it — debt happens. Things add up, especially if you have kids, your income varies from month to month or you get an unwelcome surprise (like a medical bill). In fact, the average American household with credit card balances owes more than $16,000, and pays about $1,300 in interest every year.

How consolidation loans work

Lower interest rates: You’ll borrow one lump sum that’s used to pay off other bills – like the balance on a high-interest credit card, for example. This could save you money. Simplify payments: If you use your loan to pay off several bills, you’ll wind up with just one payment every month. Set a fixed term: Since personal loans have fixed terms, you’ll know exactly when you’ll be debt-free.

Is debt consolidation right for you

A personal loan for debt consolidation could be a good strategy if you can answer “yes” to these questions: Do you have a tough time keeping up with multiple smaller payments? Can you avoid adding to your debt while you’re paying off what you already owe? Will you qualify for a loan with a lower interest rate than the one on your existing debt?

Finding the best loan

You can get a loan to consolidate your debt from a bank, credit union or online lender. And since finding the right personal loan is easier when someone else has already done the research, you’re in luck – we’ve spent more than 4,000 hours evaluating online lenders and loans to help you make smart, informed decisions about debt consolidation. Check rates

Learn more about debt consolidation

How To Get a Personal Loan

To apply for a personal loan, here are some things to consider.

Should I Consolidate Debt

Find out if a debt consolidation loan is right for you.

Read All Lender Reviews

Each lender is different. Learn more about your options. Questions? Shoot us an email. Or email [email protected] directly.