{"id":22303,"date":"2025-11-24T21:08:36","date_gmt":"2025-11-24T21:08:36","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=22303"},"modified":"2025-11-24T21:08:39","modified_gmt":"2025-11-24T21:08:39","slug":"5-best-debt-consolidation-options-and-how-to-choose","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=22303","title":{"rendered":"5 Best Debt Consolidation Options And How To Choose"},"content":{"rendered":"<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\">\n<div id=\"block_324c7eacd72ec164649f7a174c9f575a\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            The best consolidation loans allow you to save money on interest, pay off debt more quickly and replace multiple debts with one new loan and payment.\u00a0\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            There are many options to consolidate debt, including balance transfer credit cards, home equity loans, debt consolidation loans and peer-to-peer loans.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            The best debt consolidation product for you depends on your credit score, debt payoff goals and overall financial health.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>Debt consolidation can be an excellent tool to help you manage debt, boost your credit score and simplify your bill-paying schedule. You can opt for a secured option if you own a home or pick from a variety of unsecured loan options that could allow you to repay your debt on a fixed schedule.<\/p>\n<h2 data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Debt consolidation options\" data-outcome=\"\">Debt consolidation options<\/h2>\n<p>When considering debt consolidation, your answers to a few questions will help guide you to the right option. Do you want to get rid of revolving debt like credit cards? Would you prefer to spread the payment as long as possible to keep it low? Do you want to avoid using your home\u2019s equity as collateral?\u00a0<\/p>\n<p>Explore how loans, credit cards and credit counseling services can be used to consolidate and simplify your debt.<\/p>\n<h3 id=\"three\">1. Debt consolidation loans<\/h3>\n<p>A\u00a0debt consolidation loan could be a wise choice if you qualify for a low interest rate, want to get rid of revolving debt or want a definite payoff date for the money you owe. These loans are typically unsecured, so your rate and borrowing limit hinge on your credit profile (or your co-applicant\u2019s, if applicable).<\/p>\n<p>To understand\u00a0how debt consolidation loans work, you need to understand the basics of\u00a0installment loans. You receive all of your funds at once, use the funds to pay off multiple debts and end up with a single monthly payment.\u00a0<\/p>\n<p><strong>Good option if you\u2026<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Have good-to-excellent credit (or a cosigner who does), meaning a credit score in at least the mid-600s and a history of making on-time debt payments.<\/li>\n<li>Want to pay off credit cards so you don\u2019t have to take out\u00a0bad credit personal loans in the future.<\/li>\n<li>Have goals for\u00a0getting off the credit card merry go round to improve your credit score.<\/li>\n<li>Work with a lender that offers discounts and doesn\u2019t charge origination fees.<\/li>\n<\/ul>\n<p><strong>Next step: <\/strong>Estimate borrowing costs using a personal loan calculator. If you\u2019re not sure about your potential interest rate, pre-qualify with a couple of lenders to check your eligibility and receive quotes without submitting to a hard credit check.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    How one family used a personal loan to pay off credit cards\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>When former Bankrate editor Courtney Mihocik and her husband sought to pay off his credit card balances, they determined that a personal loan was a better than tapping home equity.<\/p>\n<p>\u201cI don\u2019t like the idea of borrowing against the house \u2014 it\u2019s our greatest asset \u2014 and I would not want to pay off an unsecured debt like credit cards with property as collateral if something were to happen and we couldn\u2019t pay the loan,\u201d says Mihocik, who ended up cosigning her husband\u2019s personal loan application.<\/p>\n<p>She adds: \u201cWe chose pretty aggressive terms \u2014 three-year [term], around $800 monthly payments \u2014 to get the lowest rate, and he threw extra money at it whenever he could to pay it down quickly.\u201d<\/p>\n<p>The Mihociks paid off the debt consolidation loan in August 2024, saving considerable interest without a single regret. Her advice: \u201cI would recommend choosing the shortest terms possible while still being able to afford the monthly payments. Usually, lenders will offer lower rates to borrowers who agree to shorter loan terms, which can save money in the long run.\u201d<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h3 id=\"one\">2. Balance transfer credit cards<\/h3>\n<p>The best balance transfer cards often come with no interest or a very low interest rate for an introductory period, usually between 18 and 21 months. These cards allow you to move balances from high-interest rate credit cards and other debt to the new card. The idea is to pay the entire balance before the promotional APR period ends. Otherwise, you risk racking up even more interest than you started with.<\/p>\n<p><strong>Good option if you\u2026<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Have good-to-excellent credit to qualify for a card with a high-enough limit to accommodate your cumulative debt.<\/li>\n<li>Can afford to pay the entire balance off within the promotional period.\u00a0<\/li>\n<li>Make a plan to pay off the debt before the credit card\u2019s introductory rate expires.<\/li>\n<li>Can save more than you\u2019ll pay in\u00a0balance transfer fees.\u00a0<\/li>\n<\/ul>\n<p><strong>Next step: <\/strong>Use a credit card balance transfer calculator to see how long it would take to zero your debt. Remember to account for the balance transfer fee when estimating your potential savings.<\/p>\n<h3 id=\"two\">3. Home equity products<\/h3>\n<p>Your home equity is the difference between your home\u2019s appraised value and how much you owe on your mortgage. If you\u2019re a homeowner with enough equity and a good credit history, you can borrow some of that equity at a competitive rate to consolidate your debt.<\/p>\n<p>There are two primary debt consolidation options available to homeowners:<\/p>\n<p>Both products act as second mortgages, which means you\u2019ll add another monthly mortgage payment to your plate. The key to remember is that home equity loan payment amounts\u00a0don\u2019t change during repayment, while HELOC payments can rise or fall, bringing uncertainty to your budget.<\/p>\n<p>A home equity loan might be the more logical choice for debt consolidation. You\u2019ll have the same\u00a0predictable payments as a personal loan, but with the option to spread the payment out much longer than personal loans allow.<\/p>\n<p><strong>Good option if you\u2026<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Have significant equity in your home and prefer a long repayment timeline.<\/li>\n<li>Are comfortable using your home as collateral for the loan \u2014 which leaves it vulnerable to potential foreclosure if you can\u2019t repay the loan.<\/li>\n<\/ul>\n<p><strong>Next step: <\/strong>Input your details into a home equity loan calculator to estimate your borrowing capacity.\u00a0<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Why one Bankrate expert chose a personal loan instead of a home equity loan\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p dir=\"ltr\">Adam Gloyd and now-wife considered multiple debt consolidation options in 2024. Before their October wedding, the happy couple \u201chad some unexpected vehicle, medical, home and pet expenses\u201d that, in addition to their forthcoming ceremony and celebration, caused them to run up multiple credit card balances and bills.<\/p>\n<p dir=\"ltr\">\u201cSince some [of it] was more pending bills than debt \u2026 a balance transfer wouldn\u2019t work,\u201d said Gloyd, a senior platform engineer at Bankrate. \u201cA home equity loan would have worked, and we would have enough equity to cover the expenses, but I didn\u2019t like the idea of borrowing more against our home since we\u2019re at less than 20% equity.\u201d<\/p>\n<p dir=\"ltr\">Ultimately, the Gloyds settled on borrowing a three-year, $30,000 personal loan in September and, thanks to a recent cash infusion, are set up for success in repayment.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h3 id=\"four\">4. Peer-to-peer loans<\/h3>\n<p>Peer-to-peer (P2P) lending platforms pair borrowers with individual investors for funding that generally ranges from $2,000 to $50,000. Like personal loans, P2P loans are unsecured, so your credit history is a key eligibility factor. The higher your credit score, the lower the interest rate and the more you can borrow.<\/p>\n<p>In addition, eligibility requirements for P2P loans aren\u2019t always as strict as other financing types. Some P2P lenders allow applicants to qualify with a lower credit score, but be wary of higher fees and interest rates.\u00a0And like with a debt consolidation loan, confirm that the total amount you pay for a P2P loan would be less than what you are already paying your current creditors.<\/p>\n<p><strong>Good option if you\u2026<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Have a lower credit score or limited credit history \u2014 and can\u2019t get a better deal elsewhere.<\/li>\n<li>Value the ease of potentially getting multiple investor offers (but realize this is not a substitute for shopping beyond a single marketplace).<\/li>\n<li>Identify a P2P lender that doesn\u2019t charge exorbitant fees.<\/li>\n<li>Don\u2019t mind the potentially slower funding process (as compared to personal loans).<\/li>\n<\/ul>\n<p><strong>Next step: <\/strong>Before resorting to a P2P loan, you might work to improve your credit. This way, you can qualify more easily, increase your odds of a lower APR and potentially open up other debt consolidation possibilities.<\/p>\n<h3 id=\"five\">5. Debt management plans<\/h3>\n<p>If you want debt consolidation options that don\u2019t require taking out a loan or credit card, a debt management plan (DMP) could be right for you \u2014 especially as a way to avoid bankruptcy.<\/p>\n<p>With a debt management plan, you work with a nonprofit credit counseling agency to negotiate with creditors and draft a payoff plan. You close all credit card accounts and make one monthly payment to the agency, which pays your creditors on your behalf. \u00a0<\/p>\n<p>Note that a debt relief company is different from a counseling agency, typically offering the service of pursuing debt settlement.<\/p>\n<p><strong>Good option if you\u2026<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Are deep in debt and need help structuring repayments.<\/li>\n<li>Have unsecured debt that qualifies for a DMP.<\/li>\n<li>Earn sufficient income to repay at least some of your debt.<\/li>\n<li>Don\u2019t mind the three-to-five-year debt payoff timeline of DMPs.<\/li>\n<\/ul>\n<p><strong>Next step: <\/strong>Research nonprofit credit counseling agencies that have gained approval of the Department of Justice.<\/p>\n<h2 id=\"choose\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to choose the best debt consolidation method\" data-outcome=\"\">How to choose the best debt consolidation method<\/h2>\n<p>A good first step: Check your credit score and the types of debt you need to consolidate along with their balances, interest rates and monthly payments. This will help you better understand the type of loan you\u2019ll need.<\/p>\n<p>For instance, if you\u2019re trying to consolidate $5,000 worth of credit card debt and have good or excellent credit, a balance transfer credit card could be the best option. On the other hand, if you\u2019re a homeowner with less-than-stellar credit and a considerable amount of debt, then a home equity loan could be a better choice.<\/p>\n<p>Regardless of the route you choose, always calculate the total cost of your current debt repayment and compare it against the total cost of any consolidation method or alternative option. This way, you\u2019ll choose the best debt consolidation lender and option for your finances.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Bankrate loan shopping tip\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p dir=\"ltr\">It\u2019s always best to shop rates at at least three banks, credit unions or online lenders. If you want to save time and review the information of several lenders at once, you can try a loan marketplace site like Bankrate.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What\u2019s your next step?\" data-outcome=\"\">What\u2019s your next step?<\/h2>\n<p>Identify the best way to consolidate debt, once and for all. Then you can avoid being among the sidelined: More than half of credit card holders carry a balance for one year, according to Bankrate\u2019s 2025 Credit Card Debt Report.<\/p>\n<p>Because the best debt consolidation option will depend on your unique situation, including your credit score and whether you want to borrow against your home\u2019s equity,\u00a0it may be time to take an honest look at your budget and calculate how much debt you\u2019re paying compared to your income to make sure you can afford whatever debt consolidation option you choose.<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"qpcsHp23rq\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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href=\"https:\/\/www.bankrate.com\/loans\/personal-loans\/debt-consolidation-options\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways The best consolidation loans allow you to save money on interest, pay off debt more quickly and replace multiple debts with one new loan and payment.\u00a0 There are many options to consolidate debt, including balance transfer credit cards, home equity loans, debt consolidation loans and peer-to-peer loans. The best debt consolidation product for<\/p>\n","protected":false},"author":1,"featured_media":22304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-22303","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Best Debt Consolidation Options And How To Choose | BudgetADirect<\/title>\n<meta name=\"description\" content=\"Key takeaways The best consolidation loans allow you to save money on interest, pay off debt more quickly and replace multiple debts with one new loan and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/budgetadirect.com\/?p=22303\" 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