Combine multiple debts into one single loan — ideally at a lower interest rate. Simplifies your payments to one monthly bill and reduces total interest if the rate is lower.
People with multiple high-rate debts and a decent credit score to qualify for a better rate.
List all debts, balances, and interest rates.
Check your credit score — the higher it is, the better rate you'll qualify for.
Research personal loans or balance transfer cards with lower rates.
Use the new loan to pay off all individual debts.
Pay the single new payment aggressively. Do not take on new debt.