Should you consolidate your debt?

Consolidation replaces several debts with one new loan, ideally at a lower rate.

Key points

• It helps when the new rate is clearly lower and you stop adding new balances.
• Watch for origination fees and longer terms that raise the total cost.
• Credit counselling may be a better fit if payments are already hard to make.

What to do next

See personal loans and debt relief options matched to your estimated range.