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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