How to Consolidate Your Credit Card Debt

Learn from our experts on how to consolidate your credit card debt into one, low monthly payment using personal loans. | Consolidate Your Credit Card Debt

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By Ben Harper

When was the last time you built up a big credit card debt? Are you guilty of just making the minimum payments every month and letting interest accrue?

If you take a detailed look at your credit card statements, you might be surprised at just how much your payments go in just paying interest.

While it may feel like you are stuck, there is a way to consolidate your credit card debt into one monthly payment. An unsecured personal loan can pay off all (or most) of your credit card debt, giving you one monthly payment each month.

You can consolidate your credit card debt into multiple monthly payments

With one payment, you can focus on paying your debt down much faster than making minimum payments on your credit cards would provide.

Check out the easy steps below.

Consolidating Credit Card Debt With a Personal Loan

It only takes a few minutes to apply for an unsecured personal loan to consolidate your credit card debt. With a simple online application, you provide the pertinent details, such as your personal identifying information, employment, income, and asset information and get an answer instantly.

Within a few minutes, you’ll have several offers (if you qualify) at your disposal. You can then compare the offers side-by-side deciding which one is right for you. The offers you’ll receive may vary in:

  • Amount (principal)
  • Interest rate
  • Term
You can consolidate your credit card debt with a personal loan

Best Personal Loan Options to Consolidate Your Credit Card Debt

Lending Partner APR Loan Amount
Upstart Personal Loans by SimpleDirect 9.99 - 35.99% $1k - $35k Apply Now
Avant Personal Loans by SimpleDirect 9.99 - 35.99% $2k - $35k Apply Now
SoFi Personal Loans by SimpleDirect 5.99 - 16.19% $5k - $100k Apply Now
Prosper Personal Loans by SimpleDirect 7.95 - 35.99% $1k - $35k Apply Now

Choose the offer that fits within your budget the best. Remember, with a personal loan, you’ll pay principal and interest every month, so the payments will be higher, but you’ll get out of debt faster. Personal loans have much lower interest rates than credit cards offer, allowing you to pay more toward the principal balance, getting you out of debt faster.

Paying off Your Credit Cards

Consolidating your credit cards with a personal loan is simple. The personal loan will fund within 24 – 48 hours after you are approved. Use those funds to pay off your credit cards.

You can consider personal loans as an option to pay off your credit card debt

You’ll pay each credit card in full, taking into account any interest that may have accrued since your last billing cycle. Make sure to call each credit card company on the day you’ll pay the loan off to get an up-to-date amount. Once you pay the credit cards in full, you have only one monthly payment – the personal loan payment.

Compare Personal Loans

If you are overwhelmed with credit card debt, consider consolidating it with a personal loan. You’ll have the convenience of one monthly payment and the certainty of knowing when you’ll be out of debt once and for all. An unsecured personal loan offers an affordable way to get out of debt and start saving more.

Get Competitive Personal Loan Offers In Minutes

Compare rates from multiple vetted lending partners. Discover your lowest eligible rate.

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Ben Harper

Ben is a personal finance writer with SimpleDirect, where he focuses on topics such as personal loans, credit cards, and offering financing.

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Best personal loan options

Lending PartnerAPRLoan Amount
Upstart Personal Loans by SimpleDirect9.99 - 35.99%$1k - $35kApply Now
Avant Personal Loans by SimpleDirect9.99 - 35.99%$2k - $35kApply Now
Sofi Personal Loans by SimpleDirect5.99 - 16.19%$5k - $100kApply Now
Prosper Personal Loans by SimpleDirect7.95 - 35.99%$1k - $35kApply Now

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