Dealing with a large amount of debt can be overwhelming, especially if you have several monthly payments to keep track of. But if you have debt to manage, you’re not alone — as of 2021, U.S. adults carry an average of $25,112 in non-mortgage debt, according to Experian.

The good news is that there are a few strategies that could help you pay off your debt more easily. One option to consider is consolidating your debt, which will leave you with a single loan and more manageable payment.

If you’re wondering how debt consolidation works, here’s what you should know:

How does debt consolidation work?How to qualify for a debt consolidation loanCommon ways to consolidate debtHow debt consolidation affects credit scoresWhen debt consolidation makes senseWhen debt consolidation doesn’t make sense

How does debt consolidation work?

Debt consolidation is the process of taking out a personal loan to pay off your old debts, leaving you with just one loan and payment to keep track of. Depending on your credit, you might get a lower interest rate on this new loan than what you’re currently paying — which could save you money on interest and even potentially help you pay off your debt faster.

Or you could opt to extend your repayment term to reduce your payments and lessen the strain on your budget — though keep in mind that this also means you’ll pay more in interest over time.

How to qualify for a debt consolidation loan

While eligibility criteria for a debt consolidation loan can vary by lender, there are a few common requirements you’ll likely come across, including:

Good credit: You’ll typically need good to excellent credit to qualify for a personal loan for debt consolidation — a good credit score is usually considered to be 700 or higher. There are also several lenders that offer debt consolidation loans for bad credit, but these loans tend to come with higher interest rates compared to good credit loans.Verifiable income: Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely need to show proof of income.Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. You’ll generally need a DTI ratio no higher than 40% to get approved for a personal loan — though some lenders might require lower ratios than this.Tip: If you’re struggling to get approved for a personal loan, consider applying with a creditworthy cosigner to improve your chances. Not all lenders allow cosigners on personal loans, but some do.

Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

If you decide to take out a personal loan to consolidate debt, be sure to shop around and compare as many lenders as possible. This way, you can find the right loan for your needs.

Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)Cosigners allowed?

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Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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9.95% – 35.99% APR$2,000 to $35,0005502, 3, 4, 5*NoFixed APR:
9.95% – 35.99% APRVariable APR:
N/AMin. credit score:
550Loan amount:
$2,000 to $35,000**Loan terms (years):
2, 3, 4, 5*Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except CO, IA, HI, VT, NV NY, WVCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
AvantLoan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposesMin. Income:
$1,200 monthly

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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6.79% – 17.99% APR$10,000 to $50,0007003, 4, 5, 6NoFixed APR:
6.79% – 17.99% APRVariable APR:
N/AMin. credit score:
700Loan amount:
$10,000 to $50,000Loan terms (years):
3 to 6Time to fund:
Next business dayFees:
No prepayment penaltyDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, self-employment, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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4.99% – 35.99% APR$5,000 to $35,0006003, 5NoFixed APR:
4.99% – 35.99% APRVariable APR:
N/AMin. credit score:
600Loan amount:
$2,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 1 – 3 business days after successful verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except DC, IA, VT, and WVCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Best Egg and Blue Ridge BankMin. Income:
NoneLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 24.99% APR$2,500 to $35,0006603, 4, 5, 6, 7NoFixed APR:
5.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
 Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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7.99% – 29.99% APR$10,000 to $50,000Not disclosed by lender2, 3, 4, 5YesFixed APR:
7.99% – 29.99% APRMin. credit score:
Does not discloseLoan amount:
$10,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 business daysFees:
Origination feeDiscounts:
NoEligibility:
Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WYCustomer service:
PhoneSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.04% – 35.89% APR$1,000 to $40,0006003, 5YesFixed APR:
7.04% – 35.89% APRMin. credit score:
600Loan amount:
$1,000 to $40,000Loan terms (years):
3, 5Time to fund:
Usually takes about 2 daysFees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
LendingClub BankMin. Income:
NoneLoan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.99% – 35.99% APR$2,000 to $36,5005802, 3, 4NoFixed APR:
9.99% – 35.99% APRMin. credit score:
580Loan amount:
$2,000 to $36,500Loan terms (years):
2, 3, 4Time to fund:
As soon as the next business dayFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except NV and WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$20,000Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
2.49% – 19.99% APR$5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)YesFixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.99% – 19.99% APR1$3,500 to $40,0002660
(TransUnion FICO®️ Score 9)3, 4, 5, 6, 7NoFixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
18.0% – 35.99% APR$1,500 to $20,000None2, 3, 4, 5YesFixed APR:
18.0% – 35.99% APRMin. credit score:
NoneLoan amount:
$1,500 to $20,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as the same day, but usually requires a visit to a branch officeFees:
Origination feeDiscounts:
NoneEligibility:
Must have photo I.D. issued by U.S. federal, state or local governmentCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 17.99% APR$600 to $50,000
(depending on loan term)6601, 2, 3, 4, 5NoFixed APR:
5.99% – 17.99% APRMin. credit score:
660Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.95% – 35.99% APR$2,000 to $40,0006403, 5NoFixed APR:
6.95% – 35.99% APRMin. credit score:
640Loan amount:
$2,000 to $40,000Loan terms (years):
3, 5Time to fund:
As soon as one business dayFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except IA, ND, WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.74% – 19.28% APR10$5,000 to $100,000Does not disclose2, 3, 4, 5, 6, 7YesFixed APR:
4.74% – 19.28% APR10Min. credit score:
Does not discloseLoan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7Time to fund:
3 business daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except MSCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Solely for personal, family, or household uses

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
8.93% – 35.93% APR7$1,000 to $50,0005603 to 5 years 8NoFixed APR:
8.93% – 35.93% APR7Min. credit score:
560Loan amount:
$1,000 to $50,000Loan terms:
3 to 5 years 8Time to fund:
Within one day, once approved9Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchasesFees:
Origination feeDiscounts:
AutopayEligibility:
A U.S. citizen or permanent resident; not available in DC, SC, WVCustomer service:
Phone, emailSoft credit check:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.94% – 35.97% APR$1,000 to $50,0005602, 3, 5, 6NoFixed APR:
5.94% – 35.97% APRMin. credit score:
560Loan amount:
$1,000 to $50,000*Loan terms (years):
2, 3, 5, 6Time to fund:
Within a day of clearing necessary verificationsFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except West VirginiaCustomer service:
EmailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.37% – 35.99% APR4$1,000 to $50,00055803 to 5 years4NoFixed APR:
4.37% – 35.99% APR4Min. credit score:
580Loan amount:
$1,000 to $50,0005Loan terms (years):
3 to 5 years4Time to fund:
As fast as 1 business day6Fees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$12,000Loan Uses:
Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposesCompare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Common ways to consolidate debt

There are several kinds of loans that can be used to consolidate debt. Keep in mind that the right choice for you will depend on your unique situation as well as your financial goals.

Personal loan

A personal loan is a type of installment loan that’s taken out as a lump sum and paid back in equal installments over time. With a personal loan, you can typically borrow anywhere from $600 to $100,000 with repayment terms from one to seven years, depending on the lender.

Pros

Fixed payments: Personal loans typically come with fixed interest rates, which means your payments will stay the same throughout the life of your loan.Could lower your interest rate: Depending on your credit, you might qualify for a lower interest rate on a personal loan than what you’re currently paying. Personal loans also tend to have lower interest rates compared to other options like credit cards.Might reduce your payments: If you opt to extend your repayment term, you could get a lower, more affordable monthly payment. Just remember that choosing a longer term means you’ll pay more in interest over time, though.

Cons

Fewer options for bad credit: You’ll generally need good to excellent credit to qualify for a personal loan. This means you could have a hard time getting approved if you have poor or fair credit.Might come with fees: Some personal loan lenders charge fees, such as origination fees or late fees. These can increase your overall loan cost. Keep in mind that if you take out a loan with one of Credible’s partner lenders, you won’t have to worry about prepayment penalties.No rewards or perks: Unlike options like credit cards, personal loans don’t provide any rewards or perks.

Learn More: Debt Consolidation vs. Personal Loan: What Is the Difference?

Balance transfer card

Another option for consolidating debt is with a balance transfer card. This is a type of credit card that you use to transfer your balance from one card to another.

Keep in mind that how much you’ll actually be able to consolidate with a balance transfer card will depend on your card issuer and the limit you’re given.

Pros

0% APR: Some balance transfer cards come with a 0% APR introductory period, which means you could avoid paying interest if you repay your balance before this period ends. However, if you can’t pay off the card in time you could get stuck with some hefty interest charges. Might come with rewards or perks: Depending on the card you choose, you might have access to rewards or perks, such as cash back or travel points.Can help you establish credit: By consistently making on-time payments on your card, you could see an improvement in your credit over time.

Cons

Fees: You’ll usually have to pay a balance transfer fee, which is typically 3% to 5% of the amount you want to transfer.Higher interest rates: Following a 0% APR period, the rates on balance transfer cards can be higher compared to other options like personal loans.Could lead to more debt: While a balance transfer card can be used for debt consolidation, it’s still another credit card. For some people, it could be tempting to use your new card to rack up more debt.

Check Out: Credit Card Consolidation Loans

401(k) loan

If you have money stashed away in a 401(k), you could consider borrowing from it to consolidate your debt. With a 401(k) loan, you can generally borrow up to 50% of your vested account balance or $50,000, whichever is less.

As long as you pay this money back according to the loan terms, you can avoid having the 10% penalty that typically comes with early retirement account withdrawals. You’ll typically have up to five years to repay a 401(k) loan.

Pros

No credit check: Unlike most other loans, 401(k) loans don’t require a credit check.Doesn’t affect your credit: A 401(k) loan won’t be reported to the credit bureaus, which means it won’t impact your credit score.Lower interest rates: Depending on your credit, the interest rate on a 401(k) loan could be lower than what you’d get on a personal loan. Additionally, the interest you pay will be added to your 401(k) — meaning you could end up with a higher retirement savings balance than what you started with.

Cons

Loss of investment gains: By taking money out of your 401(k) account, you’ll be missing out on the overall investment gains you would have had. Also keep in mind that because interest rates on 401(k) accounts tend to be low, you might not pay enough back in interest to make up for the lost gains.Limited loan amounts: You can only borrow up to 50% of your vested balance or $50,000, whichever is less. If you have a large amount of debt to consolidate, this might not be enough.Employment requirements: You must remain employed with the employer that sponsors your 401(k) until your loan is paid back — meaning you could end up stuck in your job. And if you’re laid off before repaying the loan, you’ll have to pay the entire loan back the following year or end up facing taxes and penalties.

Learn More: Debt Consolidation vs. Bankruptcy: How to Choose

lternative option: Debt management plan

Unlike other options, participating in a debt management plan doesn’t pay off your debts with a new loan. Instead, you’ll work with a nonprofit debt counseling agency — such as the National Foundation for Credit Counseling — to set up a payment plan with your creditors.

Once this plan is in place, you’ll make monthly payments to the agency, which will send the funds directly to your creditors. This will continue until your debts are paid off — typically within five years or less.

Pros

Waived finance charges or fees: Some creditors might be willing to waive finance charges or fees as well as potentially lower your monthly payments if you sign up for a debt management plan. Could help your credit: If you make all of your payments on time and successfully pay off your debts, you could see an improvement in your credit. Less contact with creditors: Your credit counselor will negotiate with your creditors on your behalf. Additionally, if any of your accounts have been sent to collections, signing up for a debt management plan should get the collection agencies to stop calling — however, this could take up to several months while the paperwork is processed.

Cons

Could come with fees: Depending on the agency you work with, you might have to pay fees for a debt management plan. These typically include an initial setup fee as well as monthly fees. Might not include all of your debts: Some loans generally aren’t eligible for debt management plans, such as secured debts and certain unsecured debts like student loans.Loss of credit cards: You’ll typically have to close any credit cards included in a debt management plan, meaning you’ll have less access to credit.

How debt consolidation affects credit scores

If you apply for a new loan to consolidate your debt, the lender will perform a credit check to determine your creditworthiness. This could cause a slight drop in your credit score — though this is usually only temporary and your score will likely bounce back within a few months.

Additionally, debt consolidation could actually end up helping your credit. For example, if you make on-time payments on your new loan, you see an improvement in your credit score over time. Ultimately, the positive effects of a debt consolidation loan on your credit could far outweigh any initially negative impact.

Check Out: How Debt Consolidation Loans Can Help Your Credit Score

When debt consolidation makes sense

While consolidating your debt might be a good idea in some cases, it isn’t the right move for everyone. Here are a few instances where taking out a debt consolidation loan could make sense:

You want to reduce the number of monthly payments you have

Managing multiple payments with their own due dates can be difficult. By consolidating your debt, you’ll have just one monthly payment to worry about.

You have a decent credit score that might qualify for a low interest rate

If you have good to excellent credit, you might qualify for a lower interest rate than what you’re currently paying. This could save you money on interest as well as potentially help you pay off your debt faster.

You’re focused on controlling your spending

It can be easy to get in the habit of swiping your credit cards without thinking while continuing to make only the minimum required payments.

If you want to take control of your debt, a debt consolidation loan could help — but you’ll also need to build and commit to better spending habits so you won’t end up in the same situation again.

When debt consolidation doesn’t make sense

And here are some scenarios where debt consolidation might not be the best idea:

You have a small amount of debt that can be repaid quickly

If you can quickly pay off your debts, going through the trouble of consolidating them likely won’t be worth it, especially if it comes with fees. Instead, it’s probably a better idea to simply focus on repaying your debt as soon as you can.

Your credit score may prevent you from qualifying for a lower interest rate

You’ll generally need good to excellent credit not only to be eligible for a debt consolidation loan but also to qualify for a favorable interest rate. If you have poor or fair credit, you might have a hard time securing a decent rate — or even getting approved for a loan at all.

You’re not ready to change your spending habits

For debt consolidation to be worthwhile, you have to avoid racking up more debt. If you’re unable to give up your old spending habits, then it’s probably better to wait on consolidation.

If you decide to take out a personal loan to consolidate debt, remember to consider as many lenders as you can to find the right loan for you. This is easy with Credible: You can compare your prequalified rates from multiple lenders in two minutes — without affecting your credit.

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If you’re a veteran with a VA home loan, there’s a simple way to refinance that could save you money.

A VA streamline refinance — or VA interest rate reduction refinance loan (IRRRL) — may be able to lower your interest rate, shorten your mortgage term, or shrink your monthly payment, often with no appraisal or credit underwriting.

Here’s what you need to know about VA streamline refinances:

What is a VA streamline refinance (VA IRRRL)?VA streamline refinance loan benefitsDrawbacks of VA streamline refinance loansVA streamline refinance eligibility guidelinesVA IRRRL costsHow to apply for a VA IRRRLIs a VA streamline refinance loan right for you?

What is a VA streamline refinance (VA IRRRL)?

If you’re an active-duty military service member, veteran, or surviving spouse with a VA mortgage, you might be thinking about refinancing to lower the interest rate on your current home loan.

An IRRRL can help you accomplish this by replacing your existing VA loan with a new one that has a different interest rate and monthly payment, and possibly a different term.

What makes this refinance “streamlined” is that it typically requires fewer steps and less paperwork. For instance, the VA doesn’t require an appraisal or credit underwriting for this loan, which means you’ll usually close faster than someone doing a conventional refinance.

Learn More: How Soon You Can Refinance: Typical Waiting Periods By Home Loan

VA streamline refinance rates

Veterans United, a major originator of VA loans, says that the interest rates on VA loans tend to be 0.5% to 1.0% lower than the interest rates on conventional mortgages. And lending statistics from ICE Mortgage Technology show that from January through August 2021, VA loan rates were about 0.3 percentage points lower than conventional loan rates on a 30-year, fixed-rate mortgage.

Good to know: While somewhat helpful, general figures like these won’t tell you what type of mortgage you’ll get the best rate on. Your personalized rate depends on your financial situation and what’s happening in the mortgage market when you apply.

Rates also vary by mortgage lender, loan term, and how much home equity you have. For example, if you have at least 20% equity and can pass underwriting and an appraisal, you might find a better interest rate and lower APR by refinancing into a conventional loan, even if you qualify for an IRRRL.

Getting pre-approved with multiple lenders will give you the best idea of what rates you qualify for. It’ll also allow you to compare loan costs and get a taste of the lender’s customer service before committing to the mortgage approval process. While Credible doesn’t offer VA streamline refinances, we can help you find a great rate if you’re refinancing a conventional loan.

Find out if refinancing is right for you

Actual rates from multiple lenders – In 3 minutes, get actual prequalified rates without impacting your credit score.Smart technology – We streamline the questions you need to answer and automate the document upload process.End-to-end experience – Complete the entire origination process from rate comparison up to closing, all on Credible.Find My Refi Rate
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VA streamline refinance loan benefits

A VA streamline refinance has several appealing advantages:

Competitive rates: VA loan rates tend to be similar to or slightly less than conventional loan rates.No private mortgage insurance: Even with less than 20% equity, there’s no PMI or equivalent for VA loans like there is for conventional loans and FHA loans.No appraisal: A no-appraisal refinance will save you a few hundred dollars in upfront costs. It also means you may be able to refinance a home that’s lost value.Less documentation: A VA streamline refinance doesn’t require underwriting, so you may be able to forgo gathering bank statements and tax returns for lenders.Closing cost financing: Avoid out-of-pocket costs by rolling closing costs into your new loan.Quick closing: No underwriting and no appraisal means it likely won’t take as long to refinance your home.No occupancy requirement: You can do a streamline refinance on a home you no longer occupy as your primary residence.Catch up if you’ve fallen behind: If your VA loan is past due, you may be able to use an IRRRL with credit underwriting to catch up on overdue payments, pay off late fees, and get into a more affordable loan that will stabilize your situation.Good to know: The VA’s lending guidelines don’t require credit underwriting or an appraisal for an IRRRL, but they also don’t forbid it. Lenders may still want to check your credit or order an appraisal, and if they do, they’re allowed to charge you for those costs.

Drawbacks of VA streamline refinance loans

Even though a VA streamline refinance is meant to be money-saving and efficient, you should understand how its drawbacks might affect you:

Funding fee: You’ll pay a funding fee each time you get a VA loan. The fee is 0.5% of the loan amount for an IRRRL.Existing VA loan required: If you have a conventional loan or FHA loan, you’re not eligible for an IRRRL. However, you may qualify for a VA cash-out refinance.Closing costs: Expect to pay fees for loan origination, title insurance, and local government requirements.Restarting your loan term: Many borrowers choose the same loan term when they refinance. If you currently have a 30-year loan that you’ve been paying for four years, you’ll be mortgage-free in 26 years. But if you refinance into a new 30-year loan, you’ll have to start over.No cash out: Borrowers are not allowed to cash out any equity with an IRRRL unless the money is a reimbursement for energy-efficient home improvements completed within 90 days of closing and costing no more than $6,000.Waiting period: You’re not eligible for an IRRRL until you’ve had your existing VA loan for 210 days and made six consecutive monthly payments.Tip: You can avoid restarting your loan term by refinancing into a shorter term or prepaying principal on your new mortgage. If you refinance into a shorter term and your new payment is at least 20% higher than your existing payment, you’ll have to go through underwriting.

Compare Your Options: 3 Ways to Refinance a VA Loan

VA streamline refinance eligibility guidelines

Qualifying for a VA streamline refinance can be easier than qualifying for other refinance loans. Here are the key criteria and a brief explanation of each one:

RequirementDescriptionYou’re refinancing a VA loanYou can’t use a VA IRRRL to refinance a conventional, FHA, or USDA loan.You’re no more than 30 days behind on paymentsIf you’re more than 30 days behind, you’ll have to go through underwriting.The home has been your primary residenceIt’s OK if your home is not your primary residence anymore or won’t be after you refinance, as long as it was previously.Your new loan won’t push back your payoff date by more than 10 yearsFor example, if you have 12 years left on your VA loan, your new loan term can’t be longer than 22 years. That means you wouldn’t be able to refinance into a 30-year loan. Your new loan will have a lower interest rateOne exception: You can refinance into a higher rate if you’re refinancing an adjustable-rate mortgage (ARM).You don’t want to cash out any equityThere’s no cash-out refinance option with an IRRRL. Look into a VA cash-out refinance instead.

VA IRRRL costs

The closing costs for a VA streamline refinance are similar to the closing costs for other VA loans. However, you likely won’t have to pay for an appraisal, which will save you a few hundred dollars. Here are some of the closing costs often associated with a VA IRRRL:

Closing costs typically range from 2% to 5% of the loan amount. Most borrowers pay an origination fee, title insurance fee, and deed recording fee. You may also owe local taxes, which are inexpensive in some areas and quite costly in others. And some borrowers choose to prepay mortgage interest through points in exchange for a lower interest rate.

A closing cost unique to VA loans is the VA funding fee: on an IRRRL, the fee is 0.5%, or $500 for every $100,000 borrowed. You may be exempt if you’re receiving payments for a service-connected disability or you’ve earned a Purple Heart.

Rolling closing costs into your VA IRRRL

An IRRRL allows you to roll your closing costs into the loan. You might benefit from this option if

you stand to save a lot from refinancing but don’t have cash on hand. It can also be a smart move if you’re planning to sell your home the next time you get permanent change of station (PCS) orders. It probably doesn’t make sense to pay a lot up front for a loan you’ll have short term.

On a 30-year mortgage, here’s how much more you would pay over the life of the loan by rolling $12,000 in closing costs (4% of $300,000) into the loan instead of paying them up front.

Interest ratePay closing costs up frontRoll closing costs into loanAdditional cost3%$12,000.00$18,345.30$6,345,304%$12,000.00$20,721.16$8,721.165%$12,000.00$23,388.64$11,388.64

While inflation is normally seen as a bad thing, it can be good for mortgage debtors with fixed interest rates. As years pass, even modest price and income inflation can make your mortgage debt feel less expensive.

In other words, while an extra $6,300 may sound like a lot today, it’ll feel like less and less each year due to inflation. Still, the higher your interest rate, the less you may want to borrow.

How to apply for a VA IRRRL

If you apply for a VA IRRRL, the process will look something like this:

Identify reputable lenders that offer a VA streamline refinance.Submit a pre-approval application online or by phone with at least three lenders.Compare your Loan Estimate from each company, looking for the best terms for your situation.Decide how many points to pay, if any, to lower your rate.When you’re happy with current interest rates, lock your rate.Submit any supporting documents your lender asks for. Your lender will usually be able to obtain your VA loan certificate of eligibility (COE) for you.Sign the paperwork to close on your loan.

Read: How Often Can You Refinance Your Mortgage?

Is a VA streamline refinance loan right for you?

Refinancing an existing home loan into a new loan may be a good idea if you’ll be able to lower your interest rate by at least one percentage point. It also makes sense if you expect to keep your new loan long enough to break even on closing costs.

A VA streamline refinance in particular may be right for you if you’ve lost your job, your credit score has dropped, your income has decreased, or your home’s value has declined. Since lenders aren’t required to order an appraisal or perform credit underwriting for an IRRRL, this type of refinance could help you keep your home if times have gotten tough.

Tip: If you’re struggling to pay your mortgage, contact the Department of Veterans Affairs. They will assign a loan technician to help you.

If you plan to move soon or can’t lower your rate, refinancing may not help you. And if you have at least 20% equity, good credit, and a steady income, it’s worth comparing quotes for both an IRRRL and a conventional refinance.

No matter which type of refinance you decide to pursue, comparing offers from multiple lenders can help you save money. While Credible doesn’t offer VA loans, we can help you see customized, prequalified rates for a conventional refinance — checking rates with us won’t impact your credit score.

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Keep Reading: How to Refinance Your Mortgage With Bad Credit

The post VA Streamline Refinance: How It Works and When to Get One appeared first on Credible.

Facing a large amount of credit card debt can feel overwhelming, especially since it might take a while to pay off. If you have $10,000 in credit card debt, it could take over a decade to repay if you make only minimum payments.

However, there are a few strategies that could make it easier to pay off $10,000 in credit card debt.

Here are four ways to pay off $10,000 in credit card debt:

Consolidate your debtWork with your credit card companyChoose a debt payoff strategyReevaluate your current spending

1. Consolidate your debt

Depending on your credit, consolidating your credit card debt might get you a lower interest rate — this could save you money on interest as well as potentially help you pay off your debt more quickly.

Here are a few options for consolidating credit card debt:

Take out a credit card consolidation loan

Best if: You have multiple high-interest credit cards to consolidate.

A credit card consolidation loan is a type of personal loan specifically used to consolidate credit card debt. If you have good to excellent credit, you might qualify for a lower interest rate than what you’re currently paying — this could save you hundreds or even thousands of dollars on interest charges.

Or you could opt to extend your repayment term to lower your monthly payments and lessen the strain on your budget. Just keep in mind that choosing a longer term means you’ll pay more in interest over time.

For example, here’s how much someone might save by consolidating their credit card debt with a personal loan:

Pros

Fixed rates: Personal loan rates are fixed, which means your payments will stay the same throughout the life of the loan. Additionally, personal loans usually have lower interest rates compared to credit cards.Could get a lower interest rate: If you have good credit, you might get a lower interest rate with a credit card consolidation loan.Fast loan process: Many personal loan lenders provide a quick and easy application process. If you’re approved, you’ll generally have your funds within a week — though some lenders will fund loans as soon as the same or next business day after approval.

Cons

Fewer options for poor or fair credit: You’ll typically need good to excellent credit to qualify for a personal loan — especially if you want to get a lower interest rate. There are also several lenders that offer personal loans for bad credit, but these loans usually come with higher interest rates compared to good credit loans.Might come with fees: Some lenders charge fees on personal loans, such as origination or late fees.No perks or rewards: Personal loans don’t offer the perks and rewards that sometimes come with credit cards.Tip: If you have bad credit and are struggling to get approved for a personal loan, consider applying with a creditworthy cosigner to improve your chances. Not all lenders allow cosigners on personal loans, but some do.

Even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own.

If you decide to take out a personal loan to consolidate credit card debt, be sure to consider as many lenders as possible to find the right loan for your needs.

Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)

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Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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9.95% – 35.99% APR$2,000 to $35,0005502, 3, 4, 5*Fixed APR:
9.95% – 35.99% APRVariable APR:
N/AMin. credit score:
550Loan amount:
$2,000 to $35,000**Loan terms (years):
2, 3, 4, 5*Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except CO, IA, HI, VT, NV NY, WVCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
AvantLoan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposesMin. Income:
$1,200 monthly

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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6.79% – 17.99% APR$5,000 to $35,0007401, 2, 3, 4, 5Fixed APR:
6.79% – 17.99% APRVariable APR:
N/AMin. credit score:
740Loan amount:
$5,000 to $35,000Loan terms (years):
1, 2, 3, 4, 5Time to fund:
Next business dayFees:
No prepayment penaltyDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, self-employment, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.99% – 35.99% APR$2,000 to $50,0006003, 5Fixed APR:
4.99% – 35.99% APRVariable APR:
N/AMin. credit score:
600Loan amount:
$2,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 1 – 3 business days after successful verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except DC, IA, VT, and WVCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Best Egg and Blue Ridge BankMin. Income:
NoneLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.99% – 24.99% APR$2,500 to $35,0006603, 4, 5, 6, 7Fixed APR:
6.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
 Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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7.99% – 29.99% APR$10,000 to $35,000Not disclosed by lender2, 3, 4, 5Fixed APR:
7.99% – 29.99% APRMin. credit score:
Does not discloseLoan amount:
$10,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 business daysFees:
Origination feeDiscounts:
NoEligibility:
Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WYCustomer service:
PhoneSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.04% – 35.89% APR$1,000 to $40,0006003, 5Fixed APR:
7.04% – 35.89% APRMin. credit score:
600Loan amount:
$1,000 to $40,000Loan terms (years):
3, 5Time to fund:
Usually takes about 2 daysFees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
LendingClub BankMin. Income:
NoneLoan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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15.49% – 35.99% APR$2,000 to $36,5005802, 3, 4Fixed APR:
15.49% – 35.99% APRMin. credit score:
580Loan amount:
$2,000 to $36,500Loan terms (years):
2, 3, 4Time to fund:
As soon as the next business dayFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except NV and WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$20,000Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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2.49% – 19.99% APR$5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)Fixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.99% – 19.99% APR1$3,500 to $40,0002660
(TransUnion FICO®️ Score 9)3, 4, 5, 6, 7Fixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
18.0% – 35.99% APR$1,500 to $20,000None2, 3, 4, 5Fixed APR:
18.0% – 35.99% APRMin. credit score:
NoneLoan amount:
$1,500 to $20,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as the same day, but usually requires a visit to a branch officeFees:
Origination feeDiscounts:
NoneEligibility:
Must have photo I.D. issued by U.S. federal, state or local governmentCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 24.99% APR$5,000 to $40,0006002, 3, 4, 5Fixed APR:
5.99% – 24.99% APRMin. credit score:
600Loan amount:
$5,000 to $40,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 – 5 business days after verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except MA, NV, and OHCustomer service:
Phone, email, chatSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation and credit card consolidation only

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 17.99% APR$600 to $50,000
(depending on loan term)6701, 2, 3, 4, 5Fixed APR:
5.99% – 17.99% APRMin. credit score:
670Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.95% – 35.99% APR$2,000 to $40,0006403, 5Fixed APR:
6.95% – 35.99% APRMin. credit score:
640Loan amount:
$2,000 to $40,000Loan terms (years):
3, 5Time to fund:
As soon as one business dayFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except IA, ND, WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 18.83% APR$5,000 to $100,000Does not disclose2, 3, 4, 5, 6, 7Fixed APR:
5.99% – 18.83% APRMin. credit score:
Does not discloseLoan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7Time to fund:
3 business daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except MSCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Solely for personal, family, or household uses

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
8.93% – 35.93% APR7$1,000 to $20,0005603, 5Fixed APR:
8.93% – 35.93% APR7Min. credit score:
560Loan amount:
$1,000 to $50,000Loan terms:
3 to 5 years 8Time to fund:
Within one day, once approved9Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchasesFees:
Origination feeDiscounts:
AutopayEligibility:
A U.S. citizen or permanent resident; not available in DC, SC, WVCustomer service:
Phone, emailSoft credit check:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.94% – 35.97% APR$1,000 to $50,0005602, 3, 5, 6Fixed APR:
5.94% – 35.97% APRMin. credit score:
560Loan amount:
$1,000 to $50,000*Loan terms (years):
2, 3, 5, 6Time to fund:
Within a day of clearing necessary verificationsFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except West VirginiaCustomer service:
EmailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.46% – 35.99% APR4$1,000 to $50,00055803 to 5 years4Fixed APR:
6.46% – 35.99% APR4Min. credit score:
580Loan amount:
$1,000 to $50,0005Loan terms (years):
3 to 5 years4Time to fund:
As fast as 1 business day6Fees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$12,000Loan Uses:
Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposesCompare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms

Use a balance transfer card

Best if: You plan to pay off your balance quickly.

Another option for consolidating credit card debt is a balance transfer. This process lets you move your balance from one credit card to another.

Some balance transfer cards come with a 0% APR introductory offer, which means you could avoid paying interest if you can repay your debt before this period ends — usually within nine to 21 months, depending on the card.

However, if you can’t pay off your debt in time, you could stick with some hefty interest charges.

Pros

0% APR offer: Depending on the card you choose, you might be able to take advantage of a 0% APR introductory period and avoid paying interest for a certain period of time. This could be especially helpful if you plan to repay your balance quickly.Could help establish credit history: If you keep the balance transfer card open after paying off your initial debt, you can continue to use it to build your positive payment history and improve your credit.Might offer rewards or other perks: Some balance transfer cards provide various rewards or perks, such as cash back or travel points.

Cons

Might come with fees: In many cases, you’ll have to pay a balance transfer fee. This can range from 3% to 5% of the balance you want to transfer.Could come with high interest charges: If you don’t choose a card with a 0% APR introductory offer or can’t pay off your balance before this period ends, you could end up paying a large amount of interest.Might lead to further debt: Although a balance transfer card could help you manage your debt, it’s still another credit card — for some borrowers, it might be tempting to rack up a balance again.

Learn More: Refinancing Credit Card Debt and Getting Approved: Guide

Tap into your home’s equity

Best if: You own a home with at least 15% to 20% equity.

If you’re a homeowner, you might be able to tap into your home’s equity with a home equity loan or home equity line of credit (HELOC) and use the funds to consolidate your credit card debt.

With a home equity loan, you’ll get a lump sum that you can use how you wish.With a HELOC, you’ll have access to a revolving credit line that you can repeatedly draw on and pay off.

Because these loans are secured by your home, they often come with lower interest rates compared to credit cards or personal loans.

However, keep in mind that if you can’t keep up with your payments, you risk losing your house.

Pros

Lower interest rates: Because there’s less risk to the lender, home equity loans and HELOCs tend to have lower interest rates than credit cards or personal loans.Long repayment term: You could have five to 30 years to repay a home equity loan or up to 20 years to pay off a HELOC.Can use funds for any purpose: You can use the funds from a home equity loan or HELOC for almost any purpose. This could be helpful if you have other expenses to cover in addition to your credit card debt.

Cons

Risk of foreclosure: If you can’t make your payments on a home equity loan or HELOC, the lender could seize your home.Closing costs: Home equity loans and HELOCs can come with similar closing costs as a traditional mortgage — often 2% to 5%.Longer process: Depending on the complexity of the loan, it could take a few weeks for your loan to be processed and funded.

Check Out: Home Equity Loan vs. Personal Loan: Which Is Right for You?

2. Work with your credit card company

In some cases, you might be able to work out an arrangement with your credit card company that could help you tackle your debt. Here are a few options to consider:

sk your credit card company about a hardship plan

Best if: Your account is in good standing.

If your credit card payments are becoming too difficult to manage, it’s a good idea to call your card company to see if any assistance is available to you.

For example, several credit card companies offer hardship plans, which often provide a lower interest rate, reduced monthly payments, and lower fees.

Generally, credit card companies prefer to work with long-time customers who haven’t missed any payments. If you think you might not be able to make a payment, be sure to reach out to your card issuer as soon as possible.

Pros

Could lower your interest rate: A hardship plan could temporarily provide more optimal terms, such as a lower interest rate.Fixed repayment: Hardship plans usually come with fixed repayment schedules, which could make it easier to budget for your payments.Maintain good standing: If you reach out to your credit card company before you miss any payments, you’ll have a better chance of keeping your account in good standing with the company.

Cons

Might hurt your credit: Your card issuer might suspend or close your account for the duration of the hardship plan, which could lead to a decrease in your credit score.Could make it hard to access more credit: If your card issuer reports your hardship plan to the credit bureaus, you might have a harder time qualifying for other loans and credit in the future.Can’t combine multiple cards: If you have debt on multiple credit cards and want to sign up for a hardship plan, you’ll need to contact each card issuer individually.

Learn More: Coronavirus Hardship Loans: 7 Options to Consider

Try to negotiate a debt settlement

Best if: You have a sum of cash that you can use to negotiate a settlement for less than what you owe.

Debt settlement is an arrangement where your credit card company agrees to accept a lump sum or number of payments for less than what you owe in order to settle the account.

You can approach your creditor to discuss settlement on your own, or you could involve one of the several for-profit companies that offer debt settlement services.

Keep in mind: For-profit debt settlement companies often ask you to stop making payments on your accounts while they negotiate with your creditors, which could severely damage your credit.

Pros

Might be able to pay off your debt for less than what you owe: If your card issuer accepts the debt settlement plan, you could pay off your debt for less than what you actually owe.Can be done on your own: While there are several companies that could help you pursue debt settlement, you also have the option to work with your card issuer on your own.Could help you avoid bankruptcy: If you don’t want to file for bankruptcy, debt settlement might be a helpful option.

Cons

Could damage your credit: Your credit report will reflect that you settled an account for less than what you owed, which could hurt your credit. Your credit could also be damaged if you work with a for-profit company and agree to stop making payments.Potential fees: Debt settlement companies usually charge a fee for their services ranging from 20% to 25% of your final settlement amount.Might not work: There’s no guarantee that your card issuer will accept the settlement offer.

Check Out: How to Get Out of Credit Card Debt

Consider a debt management plan

Best if: You want professional guidance on the best way to repay your debt.

If you’re not sure how to tackle your debt, signing up for a debt management plan might be a good idea. With this option, a nonprofit debt counseling agency — such as the National Foundation for Credit Counseling — will help you come to an agreement with your creditors.

Debt management plans typically last for three to five years until your debt is paid off. During this time, you’ll make your payments to the agency, which will send the agreed-upon amounts to your creditors.

Pros

Professional help to manage your debt: Credit counselors offer a variety of resources and educational tools to help you take control of your debt and create good credit habits.Might come with lower interest rate and fees: Your creditors might agree to lower your interest rates and reduce or waive fees if you sign up for a debt management plan.Could improve your credit score: Making on-time payments under a debt management plan could help you build a positive payment history and improve your credit score over time.

Cons

Might close your credit cards: Any credit cards included in a debt management plan will likely have to be closed, meaning you’ll have less access to credit. Additionally, you might not be permitted to apply for new credit for the duration of the plan.Could come with fees: Depending on the agency you choose, you might have to pay upfront and monthly fees.Will have to pay off your debt in full: Unlike with a debt settlement, you’ll have to pay off your full balance on a debt management plan.Tip: Under a debt management plan, you’ll make just one monthly payment — similar to debt consolidation. However, you won’t necessarily be able to get a lower interest rate.

If you have good credit and can qualify for a lower interest rate on a personal loan, consolidating your debt might be a better option if you’re looking to save money on your debt.

Just remember to consider how much a personal loan will cost you before you borrow so you can be prepared for any added expenses.

You can estimate how much you’ll pay for a loan using our personal loan calculator below.

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3. Choose a debt payoff strategy

If you have multiple cards to pay off, choosing a debt payoff strategy could be helpful. Here are a couple of methods to consider:

Use the debt avalanche method

Best if: You’re motivated by long-term interest savings.

With the debt avalanche method, you’ll focus on paying off your debt with the highest interest rate first.

Here’s how it works:

Pros

Could save money on interest: Paying down your highest-interest debt first could help you reduce your overall interest charges.Might get out of debt faster: Saving money on interest might help you pay off your debt ahead of schedule.

Cons

Could take longer to see results: While paying down your highest-interest debt might help you save money on interest, it could take a while to see any significant results.Might be hard to sustain motivation: If you need to enjoy small wins to maintain motivation, you might have a hard time sticking to the debt avalanche method.

Learn More: How to Consolidate Bills Into One Payment

Use the debt snowball method

Best if: You’re motivated by small wins.

If you choose the debt snowball method, you’ll concentrate on repaying your smallest debt first. Here’s how it works:

Pros

Faster results: You’ll likely see quicker results with the debt snowball method compared to the debt avalanche.Could help maintain motivation: Because you’ll be paying off balances sooner with the debt snowball, it could be easier to stay motivated.

Cons

Won’t save as much on interest: The debt snowball method generally doesn’t offer the same amount of interest savings as the debt avalanche.Could take longer: Because you won’t be saving much money on interest, it will likely take longer to fully repay your debt using the debt snowball method.

Check Out: Are Interest-Free Loans Really Interest-Free?

4. Reevaluate your current spending

Establishing a financial plan that prioritizes paying off debt could also help you tackle a $10,000 credit card balance. Here are a few strategies that could help:

Create (or update) your budget

Creating a budget is a good way to keep track of your income as well as your expenses. It can also help you plan for your financial goals — such as paying off your credit card debt.

To set up a budget focused on debt payoff:

Calculate your monthly income.Calculate your monthly expenses.Subtract your expenses from your income — this amount is what you can afford to put toward your debt.

Cut out the non-essentials

As you list out your monthly expenses, consider what you might be able to cut. For example, maybe you could unsubscribe from a streaming service you hardly use. Or you might start cooking at home to save money on dining out.

Tip: By reducing your spending, you’ll have more room in your budget to focus on paying off your credit card debt.

Sell your stuff

Many of us have unused items lying around the house that could be sold for extra cash. For example, you might consider selling electronics, furniture, or books.

Tip: If you don’t have anything to sell, you could consider purchasing items for cheap on a marketplace, upcycling them, and reselling for a profit.

Find a side hustle

After reviewing your budget, you might find that you don’t have much extra cash to put toward debt. In this case, you might think about starting a side hustle to earn more money.

For example, you could:

Drive for a ridesharing business, such as Uber or LyftDeliver food through DoorDash or UberEatsOffer freelance services, such as writing or consultingTutor local students

Frequently asked questions

Here are the answers to a few commonly asked questions about paying off credit card debt:

What is the monthly payment on a $10,000 loan?

The monthly payment on a $10,000 loan will depend on:

Interest rate: You’ll generally need good to excellent credit to qualify for the lowest available interest rates. The higher your interest rate, the more you’ll pay monthly as well as over the life of the loan.Repayment term: Personal loans typically come with a term ranging from one to seven years, depending on the lender. Choosing a longer term will likely get you a lower monthly payment — but it also means you’ll pay more in interest over time. It’s usually a good idea to choose the shortest term you can afford to keep your interest costs as low as possible.For example: Say you take out a $10,000 debt consolidation loan with a 10% interest rate and a five-year term. With these terms, you’d end up paying $323 a month with a total repayment cost of $11,616.

If you qualified for a 7% interest rate and chose a three-year term instead, you’d have a monthly payment of $309 and a total repayment cost of $11,115.

Is it smart to pay off one credit card with another?

You typically can’t use a credit card to make payments on another card. However, you can move your balance from one card to another with a balance transfer.

If you can qualify for a balance transfer card with a 0% APR introductory offer and can repay your balance before this period ends, then it could be a good way to save money on interest. But if you wouldn’t be able to pay off the card in time, you might be better off keeping your balances where they are.

How much credit card debt is OK to have?

Whether or not you have too much credit card debt depends on a couple of factors:

Monthly income: Having monthly debt payments that take up a large portion of your income can make debt unmanageable and saving for other goals impossible. It’s generally advised that monthly debt payments in total take up no more than 36% of your monthly income.Credit utilization: One of the major components of your credit score is your credit utilization ratio — the amount you owe on revolving credit lines (like credit cards) compared to your total credit limits. Using a high percentage of your available credit could have a negative impact on your credit. It’s typically a good idea to keep your credit utilization ratio under 30%.

If you decide to take out a personal loan to consolidate your credit card debt, remember to consider as many lenders as you can to find the right loan for you.

This is easy with Credible: You can compare your prequalified rates from multiple lenders in two minutes — without affecting your credit.

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Taking on projects to boost your home’s curb appeal can give you a great sense of satisfaction and boost your mood every time you see your completed work.

Here are 16 projects that aren’t expensive or time-consuming — and that you can often do yourself:

Sweep the front porchGet a new front porch matHang a decorative wreathAdd potted plants to your front porchHide your hoseEliminate weedsAdd natural mulchReplace light fixturesClean, touch up, or completely repaint your front doorClean and polish or change front door hardwarePrune flowers and shrubsPressure wash your concreteHire a tree trimmerEmbellish your garage doorStyle your mailboxAttach house numbers

1. Sweep the front porch

The fastest, cheapest thing you can do to boost your home’s curb appeal is to get out a broom and dustpan and sweep your front porch.

You’ve probably become oblivious to the dead leaves and dirt that have accumulated there, so cleaning up will make an instant difference. Everyone who walks up to your front door is sure to notice.

2. Get a new front porch mat

Now that you’ve got a clean front porch, the next simplest way to spruce it up is with a new porch mat. Chances are, you either don’t have one at all, or you have an old one that’s looking ratty.

Hit up a big box store for a simple mat or outdoor rug you can use year-round. Buy a seasonally themed mat from virtually any home goods vendor. Or order something customized from a creator on Etsy.

If you need cash for a major home improvement project, consider a cash-out refinance. Credible can help you find a great refinance rate from our partner lenders in just a few minutes — checking rates with us is free, secure, and won’t affect your credit score.

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3. Hang a decorative wreath

If you want to dress up your front door, try a wreath! You don’t have to hammer a nail into the door to hang it, either. You can use a temporary adhesive hook or an over-the-door hanger.

Choose from holiday-specific wreaths (like Halloween or Easter), seasonal wreaths to celebrate fall or spring, or year-round wreaths that look good all the time.

Front door signs, hung on the door or propped next to it, are also a simple and affordable way to make your front entrance more inviting.

Don’t Miss: 8 Popular Pandemic Home Renovations to Transform Your Space

4. Add potted plants to your front porch

Even the smallest front porch usually has room for a potted plant or two. You might go for a vibrant magenta Tradescantia zebrina or a classic green fern. Consider how much sun the plants will get: You might need shade-loving varieties. Also, keep pet safety in mind.

If you purchase plants from your local nursery, you’re almost guaranteed to get something that’s well-suited to the season and climate, but for a wider selection, you can order plants online.

Tip: If your gardening skills are nonexistent, consider a high-quality artificial plant. You might be surprised by how realistic they can look!

5. Hide your hose

Many of us have a hose in front of our house that we don’t put away because we use it so often. As convenient as this is, some form of hose storage will eliminate the visual clutter of an uncoiled hose.

If you have the right power tools, you can mount a hose holder to a wall, but if you don’t want to drill holes into your home — or you’re looking for an easier project — a hose pot will also work.

One free, temporary fix is to just unscrew your hose from the faucet and store it in the garage. This can be a good option if you just want to impress guests in the short term and aren’t looking for a long-term solution.

6. Eliminate weeds

Weeds are another nuisance that you might have stopped noticing if you see them day after day. Pulling them can be a ton of work, and it won’t work long-term unless you get all the roots out.

There are, however, natural ways to kill weeds using substances you already have around the house. Vinegar, salt, and dish soap can help you kill unwanted plants. Check online for DIY recipes and application tips.

For weeds in your lawn, adjusting your watering and mowing patterns can also help limit weed growth going forward.

7. Add natural mulch

In flower beds and gardens, a thick layer of mulch will help prevent those weeds you just pulled from growing back. Mulch’s sunlight-blocking power also retains soil moisture so you can water less and keep your plants healthy.

You’ll want to do a bit of research to determine the best kind of mulch for your plants and climate, how close to your trees and plants it can be, and which types of mulch are the safest for people and pets.

8. Replace light fixtures

Replacing your old exterior light fixtures with more modern ones can help update your home’s look. It involves some electrical work, so you may want to hire an electrician. However, if you’re comfortable learning basic electrical safety, reading instructions, and watching a few videos, replacing light fixtures can be an easy DIY job.

For an extra-fun change, use smart light bulbs in your new fixtures. You can control these via WiFi and change their color and brightness with your smartphone.

9. Clean, touch up, or completely repaint your front door

Your front door will get dirty and fade over time since it’s exposed to the elements 24/7. Sometimes, just cleaning it with a wet rag will make a big difference, but other times, your door will need a paint job to look its best.

Painting your front door a bright color that complements the other colors in your home’s exterior can make your home stand out in a good way — and potentially raise your home’s value.

The ideal way to do the job will involve removing the door and hardware, filling and sanding any cracks, painting, then reinstalling the door. But you can also paint it in place by taping off the hardware and putting down a drop cloth to prevent paint drips and spills from marring your porch.

10. Clean and polish or change front door hardware

So many things in our homes can look like they need replacement because we’ve never cleaned them properly, and door hardware definitely falls into that category. The solution is sometimes as simple as a dish soap and water mixture.

For problems that go beyond surface dirt, you’ll need to know what material the doorknob is made of. Coated or plated hardware can require different cleaning approaches than solid metal. If your door hardware has corroded due to factors like humidity or salt air, replacing it is probably the best.

Keep Reading: 10 Ways to Craft an Elegant Outdoor Space

11. Prune flowers and shrubs

You should be able to improve your curb appeal by pruning away the dead parts of your flowers, shrubs, and hedges. If you can reshape them, even better!

You might also need to pull out plants that are beyond recovery and add new ones. Planting new flowers in full bloom is a great way to quickly add color to your landscape.

12. Pressure wash your concrete

To get stains and mildew out of the hard surfaces around your home, like your patio and driveway, try pressure washing. With the right detergents and degreasers, you can remove years of grime. Best of all, it’s one of those home improvement projects you can wrap up in a day.

You can borrow a pressure washer from a neighbor or rent one from a home improvement store. Carefully follow the instructions so you don’t hurt yourself. Also, certain materials can be damaged by pressure washing, so do your research first, or hire a professional.

13. Hire a tree trimmer

Having your trees professionally trimmed can make a big difference in your curb appeal.

An arborist will know how to shape your trees to make them look their best. They can also keep your trees healthy by thinning enough branches to improve air circulation and treating any problems that might be weakening your trees.

Besides, it’s a good idea to identify trees or limbs that could be in danger of falling in a storm, then take care of them promptly. A house that’s been partially crushed by a tree is not a pretty sight.

14. Embellish your garage door

If you have a traditional raised-panel garage door, you can add decorative or “dummy” hardware to make it more attractive. These handles and hinges don’t serve any functional purpose, but do add visual interest. There are also kits that allow you to add simulated windows.

Give your door a carriage style, mid-century modern, or contemporary look to go with the rest of your home. Just make sure to install the embellishments in a way that won’t affect the door’s ability to open and close smoothly.

15. Style your mailbox

A professional might be able to build you a custom stone mailbox in a weekend, but for a more affordable DIY upgrade, you have a few options.

If you have a metal mailbox, try cleaning it and spray painting it. You can also order decals, letters, and numbers to customize your mailbox. Or perhaps landscape your mailbox by adding plants and flowers around it.

Keep in mind that you’ll need to prune them periodically, and you may not want to plant anything that attracts lots of bees (like lavender) so you don’t have to worry about getting stung when you check the mail.

16. Attach house numbers

You can make sure your address is prominently displayed on your house by replacing old house numbers or installing new ones. This is also a way to ensure that emergency services can locate your home and that someone else’s packages don’t get dropped on your doorstep. Kits are available online in all different styles.

Boosting your curb appeal is a great way to get more money when selling your home. But even if you’re not selling, sprucing up your home’s exterior will increase your pride of ownership and create a more welcoming experience for your guests. And once you see the results of your first project, you’ll probably feel inspired to do even more.

Shopping around for a home loan can be stressful. Fortunately, Credible simplifies this process and makes comparing multiple lenders easy. You can see prequalified refinance rates from our partner lenders in just a few minutes.

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One important aspect of estate planning is deciding what will happen to your home after you die. The answer might be fairly cut and dry if the home is fully paid for. If it’s not, though, you’ll need to consider the financial ramifications for your estate and for the person who inherits the home.

Here’s what happens to your mortgage when you die:

Who assumes a mortgage after my death?How to take over the mortgage of an inherited housePlanning ahead

Who assumes a mortgage after my death?

No one automatically assumes your mortgage after your death. Your estate executor (i.e., the person you appoint to carry out your will and manage your estate after you die) or administrator (i.e., the person a court appoints to fulfill those same duties) will continue to make payments using funds from the estate while everything is being settled.

Later, the individual who inherits the home might be able to assume the loan.

Good to know: If you’re a co-borrower or cosigner with the decedent, you don’t have to do anything to take over the mortgage because you’re already responsible for paying it. You’ll simply continue the payments. However, you should contact the mortgage servicer to inform them of the decedent’s death.

How to take over the mortgage of an inherited house

Mortgage loans have a due-on-sale clause, also called an acceleration clause, that requires the loan to be paid in full if it transfers to a new owner. However, federal law prohibits lenders from accelerating a loan in the event of a borrower’s death. Individuals who acquire ownership this way are considered “successors in interest,” and lenders must treat them as if they were the borrower.

The law allows a successor in interest to assume the loan, without having to apply or qualify, and continue making the payments. You’re also entitled to modify the mortgage to avoid foreclosure if you wish to keep the home.

What are my options as the heir of a home with a mortgage?

In the event you inherit a mortgaged home, you have several options. Which one is best depends on your personal preferences and your financial situation.

If you want to keep the house, you can:

Assume the mortgage: Federal law allows heirs to assume a decedent’s mortgage loan in many cases. As long as you’re a qualified successor in interest — someone who inherited or otherwise acquired ownership as a result of the homeowner’s death — you can take over the loan once the deed is signed over to you. The law also entitles you to modify the loan if you’re not financially capable of making the payments.Refinance the mortgage loan: You can also refinance the mortgage into a new mortgage loan as soon as the deed is signed over to you. You’ll have to apply for the loan, qualify based on your own creditworthiness, and pay any closing costs. However, refinancing could result in a lower interest rate or an extension of the time to pay off the loan — either of which can make the home more affordable.Repay the loan in full: Assuming you have the cash on hand, you can avoid mortgage issues entirely by paying the balance in full. The home would then be yours free and clear.

If you can’t or don’t want to keep the house, you can:

Sell it: The home is yours as soon as the deed has been transferred to you, so you can list it for sale just like you would a home you’d purchased yourself.Let the lender foreclose: If you don’t want the house and don’t want to sell it — a reasonable decision if you’re unlikely to sell at a profit — you can simply take no action. After a period of time with no payments, the lender will foreclose and repossess the home.

Important: Foreclosure can have tax consequences for the estate. Contact an accountant or attorney before going this route.

What happens to a reverse mortgage when you die?

The rules change when you inherit a home from someone other than a spouse with whom you are a co-borrower on the home’s reverse mortgage.

A reverse mortgage allows older homeowners to access the existing equity from their home. These loans don’t have to be paid back unless the borrower and their co-borrower spouse both die or move out of the home.

If you inherit a property with a reverse mortgage, you have the option of selling or keeping the home. The loan is not assumable, but you can keep the house by doing one of two things: paying off the balance or paying 95% of the home’s value, whichever is less.

Similarly, if you decide to sell the home, you’ll use the sale proceeds to pay off the debt owed on the loan — or an amount that’s at least 95% of the home’s value — and then pocket the remaining proceeds.

Planning ahead

A crucial step in estate planning is drafting a will detailing how you want your estate handled after you die, along with who you want to serve as the estate executor. In the event you die intestate — without a will — the court will appoint an administrator to take on that role.

When planning to bequeath a mortgaged home, it’s important that you disclose the mortgage to your executor and close relatives — otherwise they won’t know to make payments, and the home could be lost to foreclosure inadvertently.

In addition, consider whether the individual who inherits your home will be able to afford mortgage payments and upkeep. An estate or financial planner can help you devise a strategy to keep your gift from becoming a burden to your loved ones.

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