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Generally, borrowers with scores of 740 or higher will receive the best interest rates, followed by those in the 739 to 670 range. If your credit score is lower than 670, debt consolidation may not be a good option for you.

Here are some of the top options available. Balance Transfer Credit Card. ... Debt Consolidation Loan. ... Tapping Into Home Equity. ... Borrowing from Retirement Accounts. ... Debt Management Plan. ... Debt Settlement.

Here are six options for consolidating credit card debt: Balance transfers. A balance transfer can be used to consolidate multiple balances into one credit card account. ... Personal loans. ... Retirement plan loans. ... Debt management plans. ... Home equity loans. ... Home equity lines of credit (HELOCs)

What is debt consolidation? Debt consolidation is a good way to get on top of your payments and bills when you know your financial situation: It combines all of your debts into one payment. It could lower the interest rates you're paying on each individual loan and help you pay off your debts faster.

Normally, consolidating your current loans could cause you to lose credit for payments made toward income-driven repayment plan forgiveness or PSLF. However, under the one-time income-driven repayment account adjustment, you won't lose credit for those past payments.

How do I consolidate my student loans? You can consolidate federal student loans for free with the Department of Education at studentaid.gov. If you want to consolidate ? or refinance ? your loans with a private lender, apply directly on the lender's website.

It's possible to streamline your monthly debt payments into a single payment, lower your interest rate, improve your credit health and pay pesky revolving balances off faster. Still, you may also have to pay fees for a consolidation loan, and there is no guarantee that you'll get a lower rate than you currently have.

8 Ways to Consolidate Unsecured Debt Debt management program. Credit card balance transfer. Personal loan. Peer-to-peer online lender. Home equity loan or line of credit. Retirement account loan. Borrowing from friends and family. Cash-out auto refinance.

Check if you can get a debt management plan (DMP) If you get a debt management plan you agree to pay off your debts with one monthly payment to a DMP provider. The DMP provider is an independent company. They'll deal with your creditors for you and make your payments.

Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into one monthly payment. If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments. But, a debt consolidation loan does not erase your debt.