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A woman at her kitchen table working through bills with a calculator

Debt consolidation · $2,000–$5,000

Three cards.
One payment.
An end date.

A consolidation loan pays off your card balances and replaces them with one fixed monthly payment at one fixed APR. The point isn't magic; it's that a 14.99% loan with a 24-month end date beats three cards at 25–30% with no end date at all. Below is the math, including when it doesn't work.

See your consolidation rate Show me the numbers

Before and after,
on $4,500 of cards.

Three typical balances paying the minimum (interest plus 1% of balance, $25 floor) against one FrontPay personal loan at 14.99% over 24 months. Your cards and your offer will differ; the shape of the comparison won't.

Before

Three minimum payments

Store card$1,20029.99%
Visa$2,10024.99%
Mastercard$1,20026.99%
Total$4,500avg 26.8%
$145.71first month's minimums, then slowly less
12 yrs 6 mountil the last card hits zero
$6,529.71total interest paid
Never fixedpayment and end date move every month
After

One personal loan

FrontPay personal loan$4,50014.99%
Term24 months
Cards after funding$03 × paid
$218.17every month, same amount
2 yrs 0 moand it's gone, on the contract
$736.04total interest paid
FixedAPR, payment and end date
$5,793.67less interest and 126 fewer months, in this example. The monthly payment is higher than the minimums at first, which is exactly why it ends. If $218.17 doesn't fit your month, a 36-month term isn't offered here; a credit union or a nonprofit debt management plan may be the better route. Run your own numbers

When it works.
When it doesn't.

Consolidation helps when

  • The APR on your offer is clearly below your cards' (most cards are 22–30% right now)
  • You can make the fixed payment every month without reaching for the cards again
  • You want one due date and one balance instead of three statements
  • Your utilization is high and you'd like it to drop in one move
  • The total is $5,000 or less and you'd like it gone in two years

Skip it when

  • The offer's APR isn't lower than your cards'. Decline it; nothing is reported
  • You'd run the cards back up. Then you'd have the cards and the loan
  • You can clear the balances in 6–12 months anyway; a 0% balance-transfer card may be cheaper if you qualify
  • The balances are well over $5,000: look at a credit union or a nonprofit counseling plan
  • You're behind already. Call the issuers' hardship lines first; they often freeze interest

Four steps, one afternoon.

01

Add up the balances

Statement balances and APRs for each card. Round up a little for the interest that posts before payoff.

02

See your rate

Soft check, no obligation. Compare the offer's APR to the cards'. Lower wins; if not, stop here. Start

03

Pay the cards the day it funds

Some lenders pay issuers directly. Otherwise move the money the same day, before it has a chance to become something else.

04

Leave the cards open, at zero

Closing them hurts your utilization and history. One small recurring charge keeps each active. Set the loan payment to auto-pay on payday.

Consolidation questions

More in the full FAQ.

Does consolidating hurt my credit?
Briefly and slightly: accepting the loan usually means a hard inquiry and a new account. Then two things tend to help: your card utilization drops once the balances are paid, and the loan's on-time payments are reported each month. Most people see the score recover within a few months and improve from there, provided the cards stay paid down.
Should I close the cards after paying them off?
Usually not. Closing cards shortens your credit history and raises utilization on whatever balances remain. Keep them open, keep them at zero or near it, and set a small recurring charge on one so the issuer doesn't close it for inactivity.
Can the lender pay my card issuers directly?
Some lenders in our network offer direct payoff at funding; it's shown on the offer if available. Otherwise the money lands in your checking account and you pay the issuers yourself, ideally the same day so you aren't tempted to spend it.
What if my credit is in the 500s?
You'll likely be offered an installment loan rather than personal-loan pricing. Consolidation still works if the APR on the offer is below what your cards charge; if it isn't, decline it, and consider a nonprofit credit counseling plan instead.
Is this a debt settlement program?
No. Debt settlement companies negotiate with your creditors to pay less than you owe, usually after you stop paying, which damages your credit. This is a loan that pays your balances in full; your creditors are made whole and your credit history shows accounts paid as agreed.
How much can I consolidate?
Up to $5,000 through FrontPay. For larger balances, a credit union, a 0% balance-transfer card (if you qualify and can clear it in the promo window) or a nonprofit debt management plan may fit better. We'd rather say so than sell you a loan that only solves part of it.

Keep reading.

Personal loansRates by credit band, $2,000–$5,000Payment calculatorTry your balances and termBad credit loansWhat happens if your score is in the 500sRates & feesEvery APR range we publish
$200–$5,000Soft check · $0 to apply
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