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Rolling several debts into one can lower your interest, or just stretch the same debt over more years. The term matters as much as the price.
LendingTree's worked example, read Oct 2, 2026. See source
| If you are asking | Start with | Link |
|---|---|---|
| Can you pay it all off within a promotion? | A balance transfer card, counting the transfer fee | Balance transfers |
| Need a few years to pay? | A consolidation loan with the shortest term you can carry | Compare terms |
| Thinking of borrowing against your home? | Read the foreclosure risk first | Home equity |
| Not sure why the debt built up? | Make a budget before you borrow | Budgeting apps |
Balance transfer card. A card company moves your balances onto one card, often at a promotional price. The CFPB notes that the promotion lasts a limited time, that you will probably pay a balance transfer fee, and that new purchases on the same card get no grace period1.
Debt consolidation loan. A bank, credit union or installment lender pays off several debts with one loan. The CFPB warns that low advertised pricing may be a teaser that rises later, and that a lower monthly payment can simply mean a longer loan that costs more overall, including fees1.
Home equity loan. Borrowing against your home turns unsecured card debt into debt secured by the house. The CFPB calls this risky: if you cannot repay, you could lose the home to foreclosure, and closing costs can run to hundreds or thousands of dollars1.
Before any of these. The CFPB suggests a free session with a nonprofit credit counselor, a budget, and asking each creditor whether it will lower payments or waive fees1.
LendingTree's own example: a $20,000 consolidation loan at a 15% annual percentage rate.
| Term | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 36 months2 | $693 | $4,959 | $24,959 |
| 60 months2 | $476 | $8,548 | $28,548 |
| 84 months2 | $386 | $12,419 | $32,419 |
| Source | LendingTree calculatorRead Oct 2, 2026 | LendingTree calculatorRead Oct 2, 2026 | LendingTree calculatorRead Oct 2, 2026 |
An illustration, not an offer: your annual percentage rate, term and fees depend on the lender and your credit.
How these links work: each button opens the provider's own site and earns us nothing today. This site is not a lender, insurer, broker or adviser.
Good for seeing several lenders' consolidation loan offers in one place
Also on LendingTree's site
Stretching $20,000 from 36 to 84 months adds $7,460 of interest in LendingTree's example2.
A low advertised price may rise later. Read when and how it changes1.
Balance transfers usually carry a fee; home equity loans can carry closing costs1.
New debt to pay old debt rarely works unless spending drops or income rises1.
Not necessarily. LendingTree, for example, says it is paid by companies whose listings appear on its site, that this can affect how listings appear, and that it does not include all companies or products3.
The CFPB notes that new debt to pay old debt rarely works unless spending drops or income rises1.
The CFPB calls it risky: card debt becomes debt secured by your home, and you could lose the home if you cannot repay1.
We do not earn anything from applications or sign-ups today: every provider link is a plain link to the provider's own site, without a referral code. This site is not a lender, insurer, broker or adviser, and nothing here is financial advice.
OweLess Guide is also not a debt settlement company or credit repair organization, and nothing here is tax or legal advice.
Fees, prices and program terms belong to each provider and can change. The provider's own page is the final word, and the provider decides every application.
