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Consolidate My Debt
Asking yourself: "How do I consolidate my debts?” or "How do I consolidate my bills?”
With all the bad credit news recently, you may be asking, "How do I consolidate my debt or consolidate my bills safely and affordably so I can save?” It’s still possible to consolidate debts and make your way to financial freedom, but you have to be make wise choices and be committed to getting out of debt.
Bills.com has all the resources and advice you need to consolidate debt, change your spending habits, and pay off your debt more quickly. You can find an affordable debt consolidation loan in the Bills.com Debt Savings Center. You’ll also find additional resources to help you get control of your finances and make a permanent change for the better so that you never have to worry again about "How do I consolidate my debt?”
Bill's Expert Advice
Ask Bill your questions about consolidating your debt
Debt Success Stories
Read a personal story about how one person regained financial freedom after a personal crisis by consolidating debt.
Consolidate Debt Questions
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How does debt consolidation work?
Debt consolidation combines all of your debt into one new loan or credit card balance. Usually the interest rate is lower than you have for each individual debt. The total payment may also be lower than the individual payments, but make a larger dent in your total debt. -
Is home equity debt consolidation better?
It depends on your situation. If you can comfortably meet your mortgage payments and loan payments, then yes, a home equity loan may be a good idea. However, you could lose your house if you fall behind on either payment. -
Can a balance transfer help me get out of debt?
Again, it depends on your situation. Balance transfers are an easy way to combine all your credit card debts into one, but you have to be careful with them. Usually the introductory interest rates jumps significantly after 6 months to a year. If you opt for a balance transfer, make sure you can pay off the debt within that year to avoid new interest charges.
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Glossary of Terms
Secured Loan: A secured loan uses your property as collateral. If you default, the lender can reclaim your property to pay off your loan. Although the interest rate on a secured loan is lower, your property is at risk if you can’t make the payments.
Unsecured Loan: An unsecured loan is also called a personal loan. The loan requires no collateral, but also has a higher interest rate.
Student Loan Consolidation: A consolidation plan or program that combines multiple student loans into one loan. The interest rates are averaged to arrive at a new interest rate. Student loan consolidation preserves your right to loan forbearance, deferral, and forgiveness upon death unless other loans or debts are combined into the balance.
Annual Percentage Rate: The total interest rate over the course of a year. The monthly interest rate is that figure divided by 12. The daily interest rate is that figure divided by 365.
Consolidate Debt: Debt consolidation can mean a loan, typically a refinance loan, to combine several debts into one new account at a lower interest rate and with lower payments. It can also mean credit counseling or debt settlement. Since the various options can be confusing, check out the consolidate debt page at Bills.com for more info.
Credit Counseling: Professional advice provided by credit counselors who review your finances, help you create a budget, and may suggest debt consolidation or a debt management program.
Debt Management: A program created by a credit counseling agency. The agency enters eligible debts into the program, and then negotiates with creditors for a reduced payment plan. You make one monthly payment to the agency, which then distributes the funds to your creditors.
Average Mortgage Rates
| program | apr |
|---|---|
| 30 Yr Fixed | 6.17% |
| 15 Yr Fixed | 5.88% |
| 30 Yr Fixed Jumbo | 7.33% |
| 15 Yr Fixed Jumbo | 6.79% |
| 3/1 ARM | 5.98% |
| 5/1 ARM | 6.13% |
| 7/1 ARM | 6.34% |
| 10/1 ARM | 6.7% |
| 3/1 ARM (I/O) | 6.01% |
| 5/1 ARM (I/O) | 6.21% |
| 7/1 ARM (I/O) | 6.46% |
Articles and Advice
The Debt Consolidation Question
If you're asking yourself "Should I consolidate my debt?", you've come to the right place. Read this guide to figure out if debt consolidation is for you.
Consolidate Your Student Loans
Recent graduates may be wondering "How do I consolidate my student loans?” Get the answers with this informative article.
Bad Credit and Bill Consolidation
Are you wondering, "Where can I get bad credit loans to consolidate my bills?” Find the answer with this article.
Car and Personal Loan Consolidation
Debts dragging you down? Get the answer to questions like "Can I consolidate my car and personal loans?”
Consolidating Rewards Cards
Should I consolidate my rewards cards? If you’re wondering the same thing, read this guide to find the answer.
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