Start Information on consolidating credit card loans

Information on consolidating credit card loans

Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%.

Below is a list of Nerdwallet’s top lenders for debt consolidation. If you’re borrowing money to pay off debt, a personal loan works best if you have a plan to tackle your debts.

Creating a budget and starting a savings habit are small steps that could build a stronger financial future.

Debt consolidation is only one of several strategies for paying off debt.

Debt consolidation won’t work if you have too much debt or haven’t fixed underlying spending issues.

Several personal finance websites, including Nerd Wallet, offer free access to your credit score and credit report.

Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit.

Almost all lenders require you to be 18 years or older and a legal U. resident with a verifiable bank account and not in bankruptcy or foreclosure.

Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges.

Finding a Personal Consolidation Loan Using a Balance Transfer Consolidating Student Loans Community Q&A Loan consolidation can save you money if done right.

You consolidate loans by rolling all your little loans into one bigger one.

The amount of credit card debt you can transfer is typically up to $15,000.