Where can I get a debt consolidation loan?

A debt consolidation loan is a personal loan you use to pay off your current debts from other creditors. Banks, credit unions, and online lenders all offer personal loans.

Can I get a personal loan with a fair credit score?

Typically, it’s helpful for applicants to have good credit (think a FICO Score of 670 or higher) or better for best chances of approval and a low interest rate. Some lenders may work with folks who have fair credit (generally considered a FICO Score of 580 to 669). But, know that if you are approved for a loan, you’ll likely face a higher interest rate than someone with a score that falls in the good, very good, or exceptional credit brackets.

Where can I get a balance transfer credit card?

Numerous banks and credit unions issue cards with 0% intro APR periods. As a starting point for your research, know that Citi and Wells Fargo are two banks that issue balance transfer cards widely praised for lengthy introductory periods. But, it’s important to note you can’t pay off credit card debt with a new card from the same institution that holds your old debt. So, if you’re already carrying debt on a Citi credit card for example, you’d need to look to an issuer other than Citi for your new balance transfer card.

How much debt can I move to a balance transfer card?

The maximum amount you’d be able to transfer in theory is the credit limit on your new card. But there are some limitations that mean you typically can’t transfer quite that much. For one thing, if there’s a balance transfer fee, you must factor in that amount as counting toward the credit limit. And for another, issuers may institute caps—such as Chase specifying that balance transfer requests cannot exceed $15,000 in a 30-day period.

Do I have to open a new credit card to do a balance transfer?

Not necessarily. Sometimes, credit card issuers will extend balance transfer offers to existing customers. Before applying for a new card, if you have an existing card that you don’t have a balance on and don’t intend to use for new spending in the near future, it’s probably worth checking your online account for a balance transfer offer.

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