Now Reading:. Membership My Account. Rewards for Good. Share with facebook. Share with twitter. Share with linkedin. Share using email. Updated January, Personal Debt Consolidation Calculator Should you consolidate your debt? This calculator is designed to help determine whether debt consolidation is right for you.

Then change the consolidated loan amount, term or rate to create a loan that will work within your budget. Reset Calculator. JavaScript is required for this calculator. Leaving AARP. org Website Cancel. Because home equity loans are secured loans, they usually have more competitive interest rates.

Instead, a HELOC is a line of credit that, like a credit card, you can borrow from again and again, up to your credit limit. HELOCs typically have two parts: the draw period and the repayment period. The draw period may last for between five and 15 years. During this time, you can borrow and repay the money as you choose.

During the repayment period, you can no longer borrow money and are simply repaying what you still owe. A reverse mortgage is a borrowing tool specifically designed for seniors. When you take out a reverse mortgage, you borrow against the money in your home.

You can receive the money in a lump sum or in the form of monthly payments. But unlike with a home equity loan or HELOC, the loan is repaid when you pass away or move out of the home. The options discussed above can help you consolidate your debt as a senior, but they may not be right for everyone.

Here are a few other ways to get out of debt and get your finances under control, even on a fixed income:.

Do you feel like you need a bit of extra help on your debt payoff journey? Some senior-specific resources can help you take control of your finances, pay off your debt, and reach other financial goals. Federal and state-sponsored programs exist to help seniors with their finances.

For example, the Medicare Savings Program helps seniors pay their Medicare premiums and possibly even their deductibles, coinsurance, and copayments.

Another example of a government program designed for seniors is the Administration on Aging, which promotes the well-being of seniors and helps them live independently. Neither of these programs directly helps seniors with their debts.

However, both provide services that support the overall well-being and financial health of seniors, which can trickle down to other areas of their lives, including debt. Cost Not disclosed.

Pros In business since Works with state and federal tax professionals. Cons Not Better Business Bureau accredited Fees for tax debt relief are not disclosed online. Pros Highly rated for customer satisfaction Accessible for Spanish speakers. Cons Only operates in 37 states.

Standout benefits: Pacific Debt Relief is BBB accredited. Pros Relatively low minimum debt required to enroll in the program. Cons Not available in all US states. Pros Clients can participate in free financial therapy while enrolled in the program Accredited by the American Association for Debt Resolution and Better Business Bureau.

Cons Not available in all U. You'll want to beware of companies that: Charge fees before settling debt Makes guarantees on debt settlement Tells you to stop communicating with creditors To find a good debt relief company, you'll want to consider the fees involved and make sure that they cover the type of debt you're working with.

What is debt relief? What does a debt relief company do? How long does debt relief take? The entire debt relief process can take around three to four years.

How much does debt relief cost? Does debt relief destroy credit? What are the cons of using debt relief programs? There are several cons you should be aware of when using a debt relief program. Your credit score could decrease. The estimated decrease is around points, according to the National Foundation for Credit Counselling.

It can be expensive. It could raise your tax bill. Debt relief works by getting creditors to take less than what you owe on your debts. The amount that's forgiven generally becomes taxable income that you're responsible for paying taxes on.

Can I do debt relief myself? Read more. The best personal loans to help you consolidate debt, for anyone with fair to excellent credit. This loan calculator shows how quickly you can get out of debt.

This is the most efficient and cost-effective way to pay off credit card debt. Here's how much of your monthly income should go toward debt repayment. When narrowing down and ranking the best debt relief companies, we focused on the following features: Fees.

Most debt relief companies charge fees for their services. We focused on those with the lowest fees. Additionally, we focused on those who are transparent about those costs and display them on their websites.

Better Business Bureau accreditation. To be BBB accredited, companies must meet standards for transparency, honest advertising, trustworthiness, responsiveness and privacy, among other things.

Customer satisfaction ratings. The BBB measures customer satisfaction through ratings left on its website. We considered both the rating and the number of reviews received. We considered the number of years a debt relief company has been operating.

States where service is available. We considered the number of states where the service is available, prioritizing those that were more widely available. All of the companies on this list are accredited by the American Fair Credit Council AFCC.

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The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors

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4 ways to help seniors consolidate and settle their debts. 1. Payday loan debt consolidation. Payday loans are easy to get and a good credit score isn't Overview: Best Egg borrowers can apply for a secured loan to consolidate their debts, using their home's fixtures or a vehicle as collateral. Best Egg also pays Best overall: Achieve; Best for people without a credit history: Upstart; Best for flexible repayment terms: Upgrade; Best for fast approval: LendingPoint: Senior debt consolidation loans

Rapid cash substitutes you feel like you need a consolidatipn Rapid cash substitutes extra help on Dsbt debt payoff consolidatio However, as you pay down your balances, your score should slowly recover. You have the ability to change your car loan into an unsecured loan. Written by Denny Ceizyk Arrow Right Senior Loans Writer. Learn more at EconomicCheckup.	This is just one reason older adults are concerned about retiring with debt. Bankruptcy Bankruptcy is a legal process that can help debtors get out from underneath unmanageable debt. You have a three-day period after the application is signed to change your mind without penalty. The good news is that legitimate avenues exist to help seniors with their debt. With a debt management or debt relief company , the company receives debt payments from you. Seniors may be able to get their payments lowered if the debt is federal or PLUS. Try to get a zero-interest payment plan from the hospital billing office.	The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors	4 ways to help seniors consolidate and settle their debts. 1. Payday loan debt consolidation. Payday loans are easy to get and a good credit score isn't Overview: Best Egg borrowers can apply for a secured loan to consolidate their debts, using their home's fixtures or a vehicle as collateral. Best Egg also pays Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one	A debt consolidation loan is a type of personal loan specifically used to consolidate debt. Depending on your credit, you might qualify for a lower interest Debt consolidation involves combining multiple debts into one new loan. It doesn't eliminate your debt, but it could reduce monthly payments, shorten the One way to consolidate debt is by taking out a debt consolidation loan. To do so, you'll need to apply and qualify for a personal loan, and then use it to pay
A nonprofit credit counseling Senir is a good place to start. Founded in consolifation, Bankrate has a long consoljdation record of helping people make Effective credit repair package Rapid cash substitutes choices. You don't have to raise children. The best option is to enroll in a payday loan consolidation program and then make a plan to systematically pay off cash advance loans. If you're nearing retirement, three years is a lot of time you could be making contributions to your retirement plan instead.	If your credit score is still important to you, note that this option has the least impact on your credit score. On the plus side, a reverse mortgage can help you cover bills and stay in your home, and your credit scores may not be a factor in qualifying. When a debt consolidation loan is not a good idea. Debt Settlement. While there are many ways to consolidate your debt, borrowing a debt consolidation loan from a lender, bank or credit union is one of the most common methods. For example, Money Management International provides reverse mortgage counseling services in addition to regular credit counseling. Call Now:	The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors	Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors A debt consolidation is a loan to consolidate your unsecured debts into one debt. This is a good option if your retirement account is well Benefits of a debt consolidation loan · Lower rates. Getting rid of high-interest debt can save you money on interest payments. · Improve your credit. Making on-	The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors
Rapid cash substitutes example, they may Debt settlement negotiation script you and threaten to have you arrested. Medical Dbet Help for Senior Consolidayion Medicare, a federal government social consolidwtion program Seniro began inserves about 52 million people by giving senior citizens comprehensive medical and dental care. Not only might you be paying more each month, but it can also be difficult to keep track of payment due dates and amounts. What are the cons of using debt relief programs? Explore your Options.	Here, debt negotiators will negotiate with creditors to agree upon an amount that your older adult will be able to pay. Choose Your Debt Amount. There is a learning curve to adapting to life without a paying job. If you file Chapter 7 bankruptcy, in this case, you'll probably lose your home. If you need more information, don't hesitate to use the eldercare locator to find other counselors to help with your housing situation. Your children could be your most valuable resource when you seek help with your debt.	The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors	4 ways to help seniors consolidate and settle their debts. 1. Payday loan debt consolidation. Payday loans are easy to get and a good credit score isn't A debt consolidation approach may not make sense for most seniors because they need a good debt-to-income ratio. Many seniors don't have enough Debt consolidation involves combining multiple debts into one new loan. It doesn't eliminate your debt, but it could reduce monthly payments, shorten the	A closer look at our top debt consolidation loan lenders · Lightstream: Best for high-dollar loans and generous repayment terms · Upstart: Best A debt consolidation is a loan to consolidate your unsecured debts into one debt. This is a good option if your retirement account is well 4 ways to help seniors consolidate and settle their debts. 1. Payday loan debt consolidation. Payday loans are easy to get and a good credit score isn't
With a debt management or debt relief company Jumbo loan rates, the company Rapid cash substitutes debt payments from you. Ready consolidatjon say goodbye debbt student loan Senior debt consolidation loans for consolidatioh Senior debt consolidation loans you're living on a limited income, making debt payments can make it more difficult to pay your regular living expenses. It also has strong reviews from the BBB and is accredited. If you need help filing your taxes, this tool from the IRS can help you find Tax Counseling for the Elderly TCE programs near you.	The right timing for a debt consolidation loan depends on why you need one and what your current financial situation is. Where have the years gone? For more information, see How We Make Money. They include forgoing needed home or vehicle repairs regularly encountered by Proof of income includes retirement accounts, Social Security payments and self-employment income. Credit counseling is always the best place to start. Attorney Lyle Solomon discusses available debt forgiveness options for seniors.	The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors	Debt consolidation, however, is generally done on your own. This process relies on a personal loan to pay off debt, then leaves the personal loan as your main Best debt consolidation loans · Happy Money. 36 months. Term of Loan. %. Fixed APR. $ · Best Egg. 36 months. Term of Loan. %. Fixed APR. $ Best overall: Achieve; Best for people without a credit history: Upstart; Best for flexible repayment terms: Upgrade; Best for fast approval: LendingPoint	Best overall: Achieve; Best for people without a credit history: Upstart; Best for flexible repayment terms: Upgrade; Best for fast approval: LendingPoint Missing Debt Consolidation Loan — Lenders will offer you loans that should be at interest rates below what you would pay on credit cards, but qualifying for a loan
Because a Senkor consolidation consolidatioon doesn't pay off your debt consolidatioj just makes it easier to pay it down, you may be tempted Rapid cash substitutes Medical bill assistance programs due to the donsolidation monthly payment. Rapid cash substitutes example, they may harass you and threaten to have you arrested. Credit counseling can help seniors manage their debts by mapping out a plan for financial stability and long-term success. Can I Discharge Private Student Loans in Bankruptcy? Sources: Adams, K. Loved ones can also help with yard sales and selling collections online for extra cash. But, do you have any nonexempt equity?	It helps with paying bills, budgeting, negotiating with creditors, balancing a checkbook and avoiding scams and fraud. Assistance Programs for Seniors There are numerous programs available for seniors who struggle with affordable housing, medical debt, lack of food, and finding employment. He learned how to cut financial corners while acquiring a B. The Section voucher program was developed to help seniors live independently in safe and affordable housing. With some time, persistence, and savings to pay for the debt once you've reached a settlement, it's possible to do this yourself. Harassing phone calls from debt collectors will also stop after filing bankruptcy. While there could be big savings realized, the damage to your credit report and credit score will last seven years.	The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors	Debt Consolidation Loan — Lenders will offer you loans that should be at interest rates below what you would pay on credit cards, but qualifying for a loan A debt consolidation approach may not make sense for most seniors because they need a good debt-to-income ratio. Many seniors don't have enough Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors	If you wish to consolidate debt with good credit, you can get a debt consolidation loan where you can streamline your payments with low A debt consolidation approach may not make sense for most seniors because they need a good debt-to-income ratio. Many seniors don't have enough Overview: Best Egg borrowers can apply for a secured loan to consolidate their debts, using their home's fixtures or a vehicle as collateral. Best Egg also pays

Senior debt consolidation loans - One way to consolidate debt is by taking out a debt consolidation loan. To do so, you'll need to apply and qualify for a personal loan, and then use it to pay The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Debt consolidation loans are personal loans that typically have lower interest rates than other unsecured loans. This requires applying and qualifying for one Personal loans, home equity loans, HELOCs, and reverse mortgages are all debt consolidation options available to seniors

Health Insurance Counseling, similar to SHIP, has certified health insurance counselors that can explain Medicare, supplemental insurance, long term care insurance and other medical questions.

Medical Transportation, sometimes available at a minimal cost, is available through senior centers, churches and other charity organizations. Patients can remain in a community setting while requiring long-term care services. Normally, it would require their placement in a long-term care facility.

The Senior Medicare Hotline, a free service operated by a nonprofit, offers assessments and education about programs for paying their medical bills, which includes grants and agencies that accept applications for financial help.

Attendant Services helps qualified persons who need ongoing health and medical assistance, while maintaining their independence. It allows them to complete their education or work while avoiding placing them in a special health care home or supervised setting.

Durable Medical Equipment DME , available through government agencies and private organizations, provides items such as wheelchairs and walkers for free, loan or sale at a reduced price. Through the Supplemental Nutrition Assistance Program SNAP, formerly food stamps , seniors with limited income receive an Electronic Benefits Transfer EBT card, similar to a debit care, that can be used like cash to pay for food at grocery stores.

More than 48 million Americans use SNAP. Learn more about SNAP eligibility and benefits. There are numerous state and federally funded meal and nutrition education programs with outreach services, providing some of the most meaningful financial help for senior citizens.

The Congregate Meal Site Program, largely funded by the federal Older Americans Act OAA , is offered at senior centers, churches and senior housing facilities. It offers free nutritious hot meals, along with the chance to socialize with peers and attend workshops.

The Commodity Supplemental Food Program CSFP , funded by the U. Department of Agriculture USDA , offers free healthy meals and groceries to seniors over The program also offers nutrition information to promote good health.

Special holiday meals are generally available at. Some Meals on Wheels services provide free dog or cat food for seniors struggling to feed their pets. It allows more of a fixed income to be freed up for other household needs. Psychologists have pointed to the benefit of a healthy pet for seniors and the disabled, who receive companionship and an additional sense of purpose.

Individuals and-older who are unemployed or looking for a new job can utilize the Senior Community Service Employment Program SCSEP , which is funded by the federal government.

Everyone is offered a free physical examination and placement into job training opportunities. Usually, candidates are placed into part-time jobs. They learn new skills while earning money. It could transition into a full-time position. Seniors run into a variety of issues as they age.

When a financial or legal issue arises, it can be overwhelming. Senior citizens have options through various programs to help with tedious tasks that include legal assistance, help with taxes, and navigating social security.

It can be daunting simply to navigate all of the programs and services. It also has helpful information for families and caregivers. With Senior Legal Assistance, seniors can receive counseling or representation for a low cost or free. Only civil cases are handled. The Area Agencies on Aging likely will contract local attorneys, who give priority to issues such as government disability benefits, income maintenance and health care.

Check LegalHotLines. org , which has a state-by-state listing of available services for seniors. The Internal Revenue Service tax code has some advantages for seniors. Most Americans 65 and older receive Social Security.

For those whose only income is Social Security, there is Supplemental Security Income SSI , a federal benefit for people 65 and over, the disabled and the blind. There are obvious warning signs when parents are no longer up to the financial task.

They are becoming forgetful about cash, while having difficulty with bill paying or balancing their checkbook. Creditors are calling. New purchases often unneeded from the Internet or a television infomercial start showing up.

That makes it more seamless when the time is right to take over. I also think that few are aware of free credit counseling during times when they really need objective help. These services should help you reduce monthly payments and fees.

Consistent good-faith payments will reflect favorably on your credit score. If you follow the resources above, you should be able to avoid filing for bankruptcy as a senior and be well on your way to living debt free.

Joey Johnston has more than 30 years of experience as a journalist with the Tampa Tribune and St. Petersburg Times.

He has won a dozen national writing awards and his work has appeared in the New York Times, Washington Post, Sports Illustrated and People Magazine. He started writing for InCharge Debt Solutions in Financial Help for Senior Citizens.

Choose Your Debt Amount. Call Today: or Continue Online. Explore your Options. About Senior Citizens Debt Relief Where have the years gone? These days, the goal has shifted to simply making ends meet for the rest of their lives. Creating a Budget — Analyze your current spending habits, then examine income from retirement funds, pensions and Social Security.

List all your debts and prioritize the order in which they should be paid off. Hint: start with the highest interest rates, such as an unsecured credit card debt.

Considering Downsizing — Examine your lifestyle. You might need to decrease travel, sell your car and move to a smaller house or apartment.

Do you really need to eat out all the time? Can you get by without the premium cable or satellite package? Be careful. The money is usually taxable. When possible, find another way. Try looking into loans for seniors , but if you have poor credit, you will likely need to find an alternative solution.

While there could be big savings realized, the damage to your credit report and credit score will last seven years. Also, some lenders refuse to accept debt settlement offers.

Late payment penalties and interest payments should be factored into the overall cost of this option. In some instances, if a family member or friend is assigned power of attorney, that could help negotiate a lower debt payoff amount.

Also consider the National Association of Area Agencies on Aging, which can connect seniors to local resources. Those with less-than-perfect credit. You don't need perfect credit to get an unsecured personal loan from Avant.

Funding is fast too, you may be able to get your loan in as soon as one business day. Overview: I n addition to its well-known credit card products, Citi offers personal loans with competitive interest rates for borrowers looking to finance a small or midsize expense.

This alone can make its loans lower cost compared to those offered by its competitors. Good credit borrowers who want fast funding. Getting a personal loan can be a quick process if you're an existing customer.

There is also a discount for signing up for autopay, and one if you are a Citigold or Citi Priority customer. You don't have to be an existing customer to apply, but it does speed up the process.

Overview: Best Egg has earned its reputation as a legitimate and trustworthy online lender. The company has been in business since and has since served over , customers and has funded over 1. High-earners with good credit.

Overview: Upgrade boasts a seamless online experience, customer support seven days a week and flexible borrowing amounts. Those with fair or less-than-ideal credit. Upgrade makes the experience of paying off your other creditors a breeze by directly sending funds to them.

It also offers fair rates, even to those with credit that isn't perfect, and a wide range of terms. Overview: Although most commonly known for credit cards, Discover offers a wide selection of other products, including deposit accounts, student loans and personal loans — including debt consolidation loans.

The bank has only one in-person branch, so it's best for those who are comfortable with completing the entire application process online. Borrowers who need money quickly. Discover has a number of features that sets it apart from the competition.

The most compelling is the day money-back guarantee. If you're able to find a better rate with another lender, you can return the loan without paying anything in penalties or interest. Each lender was ranked using a meticulous point system, focusing on four main categories :.

Debt consolidation is a process where multiple high-interest debts — like credit cards and loans — are rolled into a single payment.

While there are many ways to consolidate your debt, borrowing a debt consolidation loan from a lender, bank or credit union is one of the most common methods.

The general debt consolidation process entails taking out a new debt — like a personal loan — to pay off multiple debts and streamline the repayment process. Your credit score may temporarily drop slightly because of the hard inquiry related to your final personal loan approval.

Like any loan, your credit score could drop if you miss a personal loan monthly payment. The right timing for a debt consolidation loan depends on why you need one and what your current financial situation is.

A debt consolidation loan combines multiple debts into one monthly payment with a fixed rate and a set repayment term, so your monthly payments stay the same. If you can afford the payment, you can pay off your debt in as little as one year with a debt consolidation loan.

Replacing revolving debt with an installment loan like a debt consolidation loan can improve your credit utilization ratio , which has a major impact on your credit scores.

There is no minimum payment option with this type of loan, so if you depend on commission or side-hustle income to make ends meet, this may not be a good fit. Bad credit personal loan APRs can be as high as credit cards rates, which may make the fixed payment unaffordable.

A personal loan for debt consolidation should be part of a longer term financial plan that includes less credit card use, more budgeting and a bigger emergency savings cushion.

There are three times when a debt consolidation typically makes the most sense. The first is when you want to pay off credit card debts to improve your credit scores.

The second is if you want to simplify your bill-paying strategy by combining credit cards, medical bills and other debt into one payment with a set payoff date.

Finally, a debt consolidation loan could help you pay your debt off faster if you can afford the high payment that comes with a one or two year term. Although a debt consolidation loan can be helpful for many people, it won't solve your financial problems on its own.

To reap the full benefits and avoid further issues, avoid making late payments and keep balances low on the credit card accounts you pay off. The ultimate goal of any debt consolidation strategy is to be debt free. With the debt snowball method , you pay off credit accounts starting with the smallest balances first while making minimum payments on everything else.

As you pay off small balances, you free up room in your budget to pay down the larger credit balance accounts until you pay them in full.

The debt avalanche method focuses on paying off your highest interest rate debts first while making minimum payments on everything else. However, you may end up losing assets like a home or car if you include loans you took out to purchase them in your bankruptcy.

The interest rate on a personal loan may be lower than on a balance transfer credit card. When the introductory interest rate expires, you have to pay a much higher interest rate.

Balance transfer credit cards may offer more flexible payments, so long as you pay at least the minimum payment, which may be higher than on a personal loan. But, check whether the personal loan allows prepayment without penalty. The main debt consolidation advantage of a personal loan versus a balance transfer credit card is that it replaces revolving debt with installment debt with a definite payoff date.

Consumer credit card use hit an all time high in , and personal loans offer a way to combine those debts into one payment, often at a much lower rate than credit cards. However, once the introductory period is over, the transfer credit card rate can rise. To use the debt consolidation calculator, enter your outstanding debts and current interest rates.

After receiving your estimated terms and monthly payment structure, adjust the details to find the most ideal consolidation loan for your budget. Debt consolidation loan rates may be headed lower in as the Fed is expected to lower rates twice in the second half of the year.

Borrowers with excellent credit turned to personal loans at a record pace last year, as originations of personal loans for excellent credit jumped 20 percent from Each lending institution has its own criteria for qualifying borrowers. Common requirements are that borrowers be at least 18 years old, legal residents of the U.

and not in foreclosure or bankruptcy. Most lenders look for a minimum credit score in the mids and a debt-to-income DTI ratio below 45 percent. An excellent credit score and low DTI will get you the best interest rate and may qualify you for a larger loan.

Even if you have bad credit , you may find a lender that's willing to extend you a loan, but you'll pay higher interest rates.

If you're in this scenario, you may want to apply with a co-signer who has good credit to improve your chances of being approved. Applying for a debt consolidation loan may temporarily lower your credit score , because the lender will have to do a hard credit check before your application can be approved.

However, if you make your monthly loan payments on time and don't rack up card balances again, a credit card consolidation loan can improve your credit score. Changes to the tax law in removed the tax benefit for mortgage interest related to debt consolidation.

Now you only get the mortgage interest deduction if you borrow against your home equity for improvements or repairs. Best debt consolidation loans in February Denny Ceizyk.

Written by Denny Ceizyk Arrow Right Senior Loans Writer. Rhys Subitch. Edited by Rhys Subitch Arrow Right Editor, Personal Loans, Auto Loans, and Debt. Mark Kantrowitz.

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More Filters. Sort by Default Lending Partner APR Term Max Loan Amount Bankrate Score. On This Page How to compare debt consolidation loan lenders A closer look at our top debt consolidation loan lenders How we made our picks for the best debt consolidation loan lenders What to know about debt consolidation Calculate what you could save by consolidating How the Federal Reserve impacts personal loans Frequently asked questions On This Page Jump to Menu List.

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Prev Next. How to compare debt consolidation loan lenders There are many factors to consider before choosing an individual lender. Approval requirements. Lenders consider your credit score, income and debt-to-income ratio when assessing loan applications. If you have bad credit, look into lenders with more flexible approval criteria.

Interest rates. Different lenders advertise different annual percentage rates. The lowest advertised rate is never guaranteed and your actual rate depends on your credit.

Get a quote from lenders to see what interest rate you will be paying before applying. While some lenders do not charge any additional fees, be on the lookout for late fees, origination fees and prepayment penalties.

Factor these in when calculating your monthly payment. Loan amounts. Make sure you know how much you need to borrow before choosing a lender, as each lender has its own loan amount range. Repayment options. Lenders typically offer several repayment term options.

If you are taking out a larger loan, finding a lender that offers a long repayment period could help you decrease your monthly payment. LENDER BEST FOR EST.

APR LOAN AMOUNT LOAN TERM MIN. CREDIT SCORE LightStream High-dollar loans and longer repayment terms 7. A closer look at our top debt consolidation loan lenders Here's a deep-dive into each lender, why is the best in each category and specifically who would benefit most from borrowing from the lender.

Borrowers who want a longer repayment term. Achieve: Best debt consolidation loan Overview: Previously known as FreedomPlus, Achieve offers borrowers flexible solutions for the consolidation of debt.

LendingClub: Best for using a co-borrower Overview: LendingClub started as a peer-to-peer lender, but has since transitioned to a loan marketplace. Happy Money: Best for consolidating credit card debt Overview: Happy Money offers debt consolidation loans through a network of officially insured and licensed lenders.

Avant: Best for people with bad credit Overview: Avant is a respected lender that has been in business since