Consolidating debt options

If you’re not sure of the best way to address your debt, a credit counselor can help you explore your options.

You can also reach out to your individual creditors to see if they will agree to lower your payments.

After that, the interest rate on your new credit card may rise, increasing your payment amount.

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View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.

Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.

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.

At the end of the loan term, if you've made your payments and not taken on any new debt, you will be debt-free. If you have $10,000 in high-interest debt and you consolidate it with a Wells Fargo Personal Loan at 13% Annual Percentage Rate (APR), you could be debt-free in five years by paying just $228 a month.

Last modified 12-Jan-2016 17:08