Having a large amount of debt can be stressful, especially when the debt is not managed well. An option that many people consider to help tackle debt is debt consolidation. By consolidating multiple credit card balances into one single balance, you often save money with a better interest rate, have easier payment options, and experience better terms. If you’re not sure where to start on consolidating your debt, we’ve got you covered. Here are 5 ways you can consolidate your debt yourself.

Personal Loan

A low-rate personal loan is often the best option. You will typically be asked for your income and credit history in order to qualify and to determine your interest rate. If you are able to get a personal loan, you will then be set up with a fixed payment amount along with a repayment period. 

Credit Card Balance Transfer

A credit card balance transfer is another great option if you have credit card debt from multiple card issuers. To make this even better, you can often get approved within minutes. It’s important to note that although you may initially be offered a low rate, this will typically only be temporary. So, make sure you know what the rate will be once that introductory rate has expired before you finalize your repayment plan.

Debt Consolidation Loan

A debt consolidation loan is often times a personal loan that allows you to combine multiple debts into a single balance. One thing to keep in mind with a debt consolidation loan is the repayment period. Although you may be offered a long repayment period with lower payments, you could end up paying more due to the interest over time.

Home Equity Loan or Home Equity Line of Credit (HELOC)

A Home Equity Loan or HELOC is another option available exclusively for homeowners. It’s a loan or line of credit that is based on your home’s equity. This means there is often a high borrowing limit along with low-interest rates. In order to determine if you qualify, lenders will often look at your credit and financial history. Although this option will allow for a larger loan, you’re also leveraging the equity of your home, so make this decision wisely.

Personal Line of Credit

A Personal Line of Credit is similar to a personal loan. This big difference is you do not have to draw the funds all at once. You’re approved for a credit limit, and then you only use what you need. It’s kind of like a credit card. Once you know how much you need, you can take a draw from your line of credit. As you pay down the balance, you can continue drawing more as you need it. This is a great option if you’re unsure how much you need and don’t want to borrow more than necessary. It’s also a great option if you want to tackle your debts one at a time. It often has a much lower rate than a credit card but has similar flexibility.


It can be easy to fall into unnecessary debt, but the important thing is to know how to tackle it. If you need some guidance, visit our website or call one of our Member Specialists today at (800) 422–5852.