What is debt consolidation?

                              Consolidating debt is the process of combining multiple debts from credit cards, high-interest loans, and other bills into one monthly payment. Debt consolidation solutions may lower your interest rate, which can help you save money on interest, lower your monthly payments, and pay down debt faster.

                              Debt consolidation services from Discover

                              Whether you want to lower your monthly payment or pay down debt faster, Discover offers a range of debt consolidation programs that fit your financial goals.

                              Balance Transfer

                              Balance Transfer

                              Transfer up to your available credit line

                              Transfer high-interest debt from credit cards, store cards, loans, and more and save with a low promotional APR.

                              Learn more about
                              Balance Transfers
                              Learn more about Balance Transfers
                              Personal Loan

                              Personal Loan

                              Borrow from $2,500 up to $35,000

                              You can save by locking in a fixed interest rate with a consolidation loan. There's no collateral required and no origination fees.

                              Learn more about
                              Personal Loans
                              Learn more about Personal Loans
                              Home Equity Loan

                              Home Equity Loan

                              Borrow from $35,000 up to $200,000

                              Using the equity in your home, consolidate or refinance debt with no cash required at closing and low fixed interest rates.

                              Learn more about
                              Home Equity Loans
                              Learn more about Home Equity Loans
                              Student Loan Consolidation

                              Student Consolidation Loan

                              Refinance federal and private student loans

                              Choose a fixed or variable interest rate with zero fees. Flexible terms could lower your overall student loan payment amount each month.

                              Learn more about
                              Home Equity Loans
                              Learn more about Student Loan Consolidation

                              The benefits of consolidating debt

                              See examples of how debt consolidation could help you take control of your finances.

                              • Save Money Icon

                                May be able to save money on interest

                                • Possibly lock in a lower interest rate with a consolidation loan
                                • Get a low promotional APR on your credit card with a balance transfer
                              • Consolidate Monthly Bills icon

                                Consolidate monthly bills

                                • Simplify and streamline your finances
                                • Consolidate your debt and make fewer payments each month
                              • Eliminate Debt icon

                                Eliminate debt faster

                                • Put less money toward interest
                                • Pay down your principal sooner
                              • Pay Debt over Time with Discover Debt Consolidation Programs

                                Pay off debt over time

                                • Choose your loan term or balance transfer promotional period
                                • Create a monthly payment plan that works for you

                              Here's how it works

                              Decide which debts to consolidate
                              01

                              Decide which debts to pay off

                              Consolidate credit cards, store cards, gas cards, medical bills, and more. Separately, you can also consolidate federal and private student loans.

                              Compare debt consolidation programs
                              02

                              Review your loan or balance transfer offers

                              Compare debt consolidation programs and apply for the one that's right for you.

                              Debt consolidation monthly payments
                              03

                              Start paying down your debt

                              We can help you determine a monthly payment you're comfortable with as you pay down debt.

                              Consolidation loan versus
                              balance transfer—which is right for you?

                              Consolidation loan versus balance transfer—which is right for you?

                              Debt consolidation isn't one size fits all. That's why we offer solutions to help you consolidate your debt in a way that works for you.

                              Consolidation Loans

                              With a consolidation loan, you choose the amount you need and the repayment term that works for you. You can borrow up to $35,000 with a Discover Personal Loan or $35,000 up to $200,000 with a Discover Home Equity Loan. With a Discover Student Consolidation Loan, you can combine federal and private student loans into one new loan.

                              If you’re approved, you can pay off your consolidated debt by making monthly payments according to your loan repayment term.

                              Balance Transfers

                              A balance transfer is a solution offered by your credit card. Using your available credit, a balance transfer lets you pay off other credit cards or loans. Those debts are then consolidated and added to your credit card balance.

                              When you complete a balance transfer, you get a low promo rate for a set duration. Depending on the offer, you may pay a transfer fee.

                              Estimate your savings with our debt consolidation calculators

                              See your balance transfer savings

                              How much could you save if you transfer balances to Discover?

                              Calculate savings

                              Estimate your savings with a personal loan

                              And see how much faster you can pay off your debt.

                              See your savings

                              Calculate your savings with a home equity loan

                              See how much a home equity loan can lower your monthly payment.

                              Estimate savings

                              Check out these debt consolidation tips and resources

                              Balance Transfer
                              Understanding Credit Card Balance Transfers

                              Understanding Credit Card Balance Transfers

                              A balance transfer can help you save money on interest while you pay down higher interest debt from existing credit cards and loans. Read more

                              See all Balance Transfer articles
                              Personal Loan
                              How to Pay Off Debt and Build an Emergency Fund-at the Same Time

                              How to Pay Off Debt and Build an Emergency Fund-at the Same Time

                              When it comes to major financial goals, two of the biggest are paying off debt and building an emergency fund. Read more

                              Explore Personal Loan resources
                              Home Equity
                              How Much Home Equity Do You Need to Consolidate Your Debt?

                              How Much Home Equity Do You Need to Consolidate Your Debt?

                              Using the equity in your home, consolidate your debt and pay a lower interest rate on one monthly payment. Read more

                              See all Home Equity articles
                              Student Loan
                              7 Reasons to Consider Student Loan Consolidation

                              7 Reasons to Consider Student Loan Consolidation

                              Explore 7 reasons to consolidate student loan debt and understand the benefits of consolidating student loans. Read more

                              See all Student Loans Articles

                              Get answers to your questions about consolidating debt

                              Can debt consolidation help me pay down debt faster?

                              Debt consolidation may help you lower your monthly payment or under certain circumstances decrease the amount of interest you pay, but this depends on your financial situation and your ability to make your monthly payments.

                              What kind of debt can I consolidate?

                              Whether you choose a loan or a balance transfer, you can consolidate credit cards, store cards and gas cards; high-interest loans; medical bills and more. Separately, you can also consolidate your student loan(s) by refinancing federal and private student loans into one loan with one monthly payment.

                              How do I consolidate credit cards?

                              You can consolidate your credit card debt two ways. You can transfer your other credit card balances onto one credit card with a balance transfer, or you can get a debt consolidation loan to pay off your balances.

                              How much can I consolidate with a private consolidation student loan?

                              Subject to credit approval, you can consolidate up to the aggregate amount of your education loan debt. Maximum limits may apply. The minimum consolidation loan amount is $5,000.

                              If I consolidate my debt, can you pay my creditors directly?

                              Yes, in most cases with With a debt consolidation loan, we can send funds directly to your creditors or you can receive a check in the mail to pay them off yourself. With a student consolidation loan, we will send funds directly to your current lenders. A balance transfer can also send funds to most credit card or loan companies.

                              What kind of interest rates can I get with a balance transfer?

                              A balance transfer offer has a low promotional or introductory rate. Rates can be as low as 0%, depending on the offers that are available to you.

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