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See if debt consolidation is right for you with three easy steps
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How you may benefit from debt consolidation
Paying off multiple debts with a new loan and a single payment monthly may help you:
- Lower your overall monthly expenses and increase your cash flow
- Reduce stress with fewer bills to juggle
- Reach savings goals more quickly with any extra funds you save
- Lower your credit utilization ratio, which may help improve your credit score
Consolidate debt one step at a time
1. Take inventory of your debt
- Check your credit score and debt-to-income ratio to see where you stand
- Make a list of each loan and credit card balance, including the interest rate and monthly payment. The most common debt to consolidate is credit card debt since it typically has some of the highest interest rates. You may also include other types of debt, such as personal loans, payday loans or medical bills.
- Calculate the totals for both outstanding balances and monthly payments
2. Explore your debt consolidation options
- How it works: Once you know your numbers, you can start looking for a new loan to cover the amount you owe on your existing debts. If you're approved, the new loan's funds can be used to pay off your existing debts. Then you start making monthly payments on the new loan.
- Consider your options. Wells Fargo offers a personal loan option for debt consolidation. With this type of unsecured loan, your annual percentage rate (APR) will be based on the specific characteristics of your credit application including an evaluation of your credit history, the amount of credit requested, and income verification. Some lenders may have secured loan options which may offer a slightly lower interest rate, but keep in mind you are at risk of losing your collateral if you fail to repay the loan as agreed.
- Personal loan for debt consolidation
- Use our online tools. Wells Fargo customers can use the Check my rate tool to get personalized rate and payment estimates with no impact to their credit score. Funds are often available the next business day, if approved.
3. Know before you borrow
If you decide debt consolidation is right for you, keep the following in mind:
- Debt consolidation isn’t debt elimination. You’re restructuring your debt, not eliminating it.
- Understand the costs. Consider the total cost of borrowing. A loan with a longer term may have a lower monthly payment, but it can also increase how much you pay over the life of the loan.
- Avoid future debt. Use good credit habits and create a budget to help control future spending.
- Review alternative methods to pay down debt. If a consolidation loan is not right for you, compare the Snowball vs Avalanche methods of paying down debt.
Need help?
If you’re facing financial challenges, don't wait – lenders want to work with you. Visit Wells Fargo Assist page or the National Foundation for Credit Counseling for help.
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple debts means you will have a single payment monthly, but it may not reduce or pay your debt off sooner. The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both. By extending the loan term, you may pay more in interest over the life of the loan. By understanding how consolidating your debt benefits you, you will be in a better position to decide if it is the right option for you.
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