Editor's choice: Payoff personal loans

- Competitive rates compared to credit card APRs
- Monthly FICO score updates
- Top-tier customer service
You might’ve racked up debt when your credit score wasn’t the best. Now that you have a good credit score over 680, you’re in a good place to consolidate your debt and save money on interest.
A good credit score can net you some of the most lucrative rates on consolidation loans, plus grant you access to coveted balance transfer credit cards featuring 0% promotional APRs. Since debt consolidation rolls your existing debts into a single payment, a consolidation loan or balance transfer credit card can save you more money than if you paid your debts individually.
Both are suitable options for people with good credit. Balance transfer credit cards often offer low or no APR for a period of time on the debt you transfer to the card. Banks, credit unions and online lenders offer personal loans to pay off debt, often with competitive, low rates.
Balance transfer credit cards can offer competitive rates on your transfer. Many cards offer a lengthy 0% APR intro period, saving you on interest while you pay down your debt. This could be a solid option if you have debt on multiple credit cards with high APRs. But you generally can’t transfer debt between cards with the same provider — like between two Chase cards.
To qualify for a debt consolidation loan, you’ll typically need a low debt-to-income ratio in addition to having good credit. Your interest rates and loan amounts are based on your creditworthiness, meaning you’re looking at ideal terms if you have good credit.
Debt consolidation loan vs. balance transfer credit card
Review your circumstances — financial and otherwise — before choosing the best option. Consider the following:
It’s understandable to be concerned about how consolidating your debt could affect your credit, especially when you have a good credit score to maintain. Applying for both consolidation loans or balance transfer cards can affect your credit, though not always negatively. Consider:
To consolidate without hurting your credit, make on-time payments and have a clear idea of your payoff date. Additionally:
If you have good credit, debt consolidation can help you pay off your debts faster while saving on interest. Compare balance transfer cards against your options for consolidation loans to find the best solution for you.
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