We get it — debt happens. Things add up, especially if you have kids, your income varies from month to month or you get an unwelcome surprise (like a medical bill). In fact, the average American household with credit card balances owes more than $16,000, and pays about $1,300 in interest every year.

• Lower interest rates: You’ll borrow one lump sum that’s used to pay off other bills – like the balance on a high-interest credit card, for example. This could save you money.
• Simplify payments: If you use your loan to pay off several bills, you’ll wind up with just one payment every month.
• Set a fixed term: Since personal loans have fixed terms, you’ll know exactly when you’ll be debt-free.

A personal loan for debt consolidation could be a good strategy if you can answer “yes” to these questions:

• Do you have a tough time keeping up with multiple smaller payments?
• Can you avoid adding to your debt while you’re paying off what you already owe?
• Will you qualify for a loan with a lower interest rate than the one on your existing debt?

You can get a loan to consolidate your debt from a bank, credit union or online lender. And since finding the right personal loan is easier when someone else has already done the research, you’re in luck – we’ve spent more than 4,000 hours evaluating online lenders and loans to help you make smart, informed decisions about debt consolidation.