Compare consolidation by total cost, not just the payment.
A new loan can combine debts into one payment. Before choosing it, compare the fees, repayment timeline and total cost with your existing plan.
Start with the details that matter
Write down your existing debts
List each balance, APR, required payment and expected payoff date. Use the same balances when modeling a consolidation offer.
Check the longer-term tradeoff
The CFPB notes that a lower monthly payment can result from a longer repayment period and may cost more overall. Include fees and the full schedule in your comparison.
Confirm which creditors can be paid
Ask which accounts qualify for direct payment and how long processing takes. For example, Discover excludes Capital One accounts, including Discover cards, from its direct creditor-payment option.
Consider alternatives
The CFPB suggests reviewing your budget, asking creditors about payment changes and considering nonprofit credit counseling. A new loan does not resolve a continuing gap between spending and income.
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Sources and further reading
Updated September 24, 2026. Product profiles show their own source-check dates and scope. Our editorial policy.