Consolidating my bills
» MORE: 4 ways to consolidate debt Use the calculator below to see whether or not it makes sense for you to consolidate.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Debt consolidation rolls high-interest debts, such as credit card bills, into a single, lower-interest payment.Just make sure this consolidation is part of a larger plan to get out of debt and you don’t run up new balances on the cards you’ve consolidated. Debt consolidation can help your credit if you make on-time payments or consolidating shrinks your credit card balances.Your credit may be hurt if you run up credit card balances again, close most or all of your remaining cards, or miss a payment on your debt consolidation loan.If the total of your debts is more than half your income, and the calculator above reveals that debt consolidation is not your best option, you’re better off seeking debt relief than treading water.Debt consolidation is one way to make paying off your debt more manageable.We noticed that you're using an old version of your internet browser to access this page.
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Learn more about how debt consolidation affects your credit score.
Consolidation isn’t a silver bullet for debt problems.
You always make your payments on time, so your credit is good.
You might qualify for an unsecured debt consolidation loan at 7% — a significantly lower interest rate.
A debt consolidation loan with a longer repayment period may lower your monthly payment, but increase the total amount you repay over the life of the loan.