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Overwhelmed By Credit Card Debt? Take Control Today
Combine high-interest credit card balances into one manageable monthly payment with a lower rate and fixed terms.
About Credit Card Consolidation
How credit card consolidation works and whether it is the right move for your finances.
Is Credit Card Consolidation Right For You
If you are struggling with multiple high-interest credit card balances, credit card consolidation can help you regain control. It works by combining your credit card debts into one fixed-rate loan with fewer due dates and predictable payments. Instead of making minimum payments on several cards while interest compounds, you make a single monthly payment at a potentially lower rate. This approach is especially effective for borrowers carrying balances on major credit cards, store or retail cards, and high-interest or maxed-out cards.
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A quick eligibility check
Simple requirements to help determine whether this option works for you.
- Are 18 years or older
- Are looking for a short-term loan between $250 and $3,000
- Need funds for short-term personal expenses
- Have an active bank account
- Are currently employed or have a regular source of income
- Are looking to repay over 3 to 36 months
Credit Card Consolidation Guide
Everything you need to know about consolidating credit card debt and getting the best terms.
Credit card consolidation is a specific type of debt consolidation focused on combining multiple credit card balances into a single personal loan. The new loan ideally carries a lower interest rate than your credit cards, which means more of each payment goes toward reducing your balance rather than paying interest. This strategy works best when you have multiple cards with balances, are paying high interest rates (typically above 18%), and can qualify for a consolidation loan at a meaningfully lower rate.
The savings from credit card consolidation depend on the difference between your current credit card rates and the consolidation loan rate. If you are carrying $15,000 across three credit cards at an average APR of 22%, consolidating into a single loan at 12% APR over 48 months saves you approximately $5,400 in total interest. Even a modest rate reduction makes a significant difference over time because credit card interest compounds monthly on your remaining balance.
You can consolidate most revolving credit card debt, including balances on major credit cards like Visa, Mastercard, American Express, and Discover, as well as store and retail credit cards, and high-interest or maxed-out cards. The key requirement is that the debts are unsecured revolving credit. Some borrowers also include other unsecured debts like medical bills or personal loans in their consolidation to simplify even further.
While a higher credit score gets you better rates, you do not need perfect credit to consolidate. Many lenders work with borrowers who have fair credit scores in the 580 to 669 range, and some specialize in helping people with lower scores. Lenders also consider your income, employment stability, and debt-to-income ratio. If your credit score is below 580, you may still find options, though the interest rate may be higher. Comparing offers from multiple lenders helps you find the best rate available for your specific profile.
Balance transfer credit cards offer 0% introductory APR for 12 to 21 months, which can be cheaper than a consolidation loan if you can pay off the balance before the promotional period ends. However, balance transfer cards typically charge a 3% to 5% transfer fee, require good credit to qualify, and revert to high interest rates after the intro period. A consolidation loan offers predictability: fixed rate, fixed payment, and a guaranteed payoff date. For borrowers who need more than 18 months to pay off their debt, a consolidation loan is usually the better choice.
The most important rule after consolidating credit card debt is to stop using the cards you paid off. If you continue charging on those cards while also making payments on your consolidation loan, you end up with more total debt than before. Consider removing the cards from online shopping accounts, freezing them, or keeping them locked away. Build a budget that covers your monthly expenses without relying on credit cards until the consolidation loan is fully repaid.
Covero lets you compare credit card consolidation offers from multiple trusted lenders with a single application. You see competing offers side by side, including APR, monthly payment, total cost, and any fees, so you can make an informed decision without the pressure of dealing with a single lender. There is no obligation to accept any offer, and your personal data is protected with bank-level SSL encryption from the moment you start.
Learn More About Credit Card Consolidation
Find answers to the most common credit card consolidation questions
Request FundsNo, checking your rate for credit card consolidation does not impact your credit score. We use a soft credit inquiry, which lets you explore your options without any effect on your credit. A hard inquiry only occurs if you accept a loan offer and proceed with the full application.
You can consolidate most revolving credit card debt, including major credit cards like Visa, Mastercard, American Express, and Discover, store and retail cards, and high-interest or maxed-out cards. Some borrowers also include other unsecured debts in their consolidation for added simplicity.
Yes. Many lenders specialize in helping people consolidate even with fair or poor credit. Lenders consider your income, debt levels, and repayment ability alongside your credit score. While your rate may be higher with lower credit, consolidating can still save you money compared to maintaining multiple high-interest credit card balances.
Funds may arrive as soon as the next business day after approval, though some lenders take 2 to 3 business days depending on processing times and your bank. Many lenders provide a preliminary decision within minutes of submitting your application.
Savings vary based on your current credit card rates and the consolidation rate you qualify for. Borrowers who replace 20% to 25% APR credit card debt with a 10% to 15% consolidation loan commonly save hundreds to thousands of dollars over the life of the loan. The longer your repayment term and the larger your balance, the more significant the savings.
No, consolidating your credit card debt does not automatically close your credit card accounts. The consolidation loan pays off the balances, but the accounts remain open unless you choose to close them. Keeping them open with zero balances can actually help your credit score by lowering your credit utilization ratio. However, the key is to avoid running up new balances on those cards.
Covero simplifies the comparison process by letting you submit one application and receive competing offers from multiple lenders. You can compare APRs, monthly payments, total costs, and fees side by side with no obligation to accept. Our platform works with a network of trusted lending partners, and your data is protected with bank-level SSL encryption from start to finish.
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