If you’re juggling multiple Credit card balances, you may want to consider consolidating your debt. Fortunately, you have several options to choose from, including a personal Loan, balance transfer credit card, and a few others.

Consolidating your credit card debt can streamline the repayment process and help you become debt-free sooner. Here’s how to do it:

• What is credit card debt consolidation?
• How to consolidate credit card debt
• Should I consolidate my credit card debt?

What is credit card debt consolidation?

In simple terms, credit card debt consolidation is taking out a new credit product (typically a loan or another credit card) to pay off your existing card balances. Having multiple credit cards with different due dates makes it easy to miss payments. Then late fees are charged, your credit score is dinged, and your interest rate may go up as a result.

With credit card debt consolidation, you’re replacing multiple monthly payments of varying amounts, due dates, and interest rates with one monthly payment to the company you took the consolidation loan out with.

Ideally the new loan you take out will have a fixed, low interest rate with set monthly payments that are easy to keep track of and budget for.

In addition to potentially saving money on interest, credit card debt consolidation can simplify your financial life, giving you one number to keep track of in your journey toward becoming debt-free.

How to consolidate credit card debt

You can consolidate credit card debt in many different ways. The best option for you will depend on your financial situation, goals, and credit score.

Personal loan

Best for people who want fixed monthly payments and a clear end date for paying off their debt

Personal loans, or debt consolidation loans, are one of the most common ways to consolidate credit card debt. These loans are unsecured, so they’ll have higher interest rates than a loan secured with collateral. But they tend to have lower interest rates than credit cards, which can help you save money over the life of the loan. And their interest rates are fixed, which means your monthly payment amount will stay the same.

With a debt consolidation loan you’ll receive a lump sum of money up front that you can use to pay off your credit card balances. Some lenders will pay your creditors for you directly, so you can avoid the hassle of dealing with it yourself. You’ll then repay the loan over a set period of time that you agree on.

The personal loan companies in the table below compete for your business through Credible. You can request rates from all of these partner lenders by filling out just one form (instead of one form for each) and without affecting your credit score.