How to Combine All Debts into One Payment in 2024 (2024)

You can combine all of your debts into one payment by applying for a debt consolidation loan or a balance transfer credit card from a bank or credit union, then using it to pay off your debts. If your new loan or credit card provides enough funding, you will end up with a single balance requiring one payment per month.

Debts consolidated this way are easier to manage, and you could also save money on interest. You can read more about how to combine debts into one payment below.

How to Combine Debts Into One Payment

1. Check your credit score.

   Checking your credit score helps you understand which loans or cards you can qualify for. You can check your credit score for free on WalletHub.

2. Pre-qualify, if possible.

   Some lenders let you pre-qualify before you officially apply for their loans or credit cards. Pre-qualifying helps you narrow down your search to products that you are likely to get approved for.

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   You can pre-qualify with multiple lenders when you use the free personal loan pre-qualification tool on WalletHub.

3. Compare options.

   The most important factors you need to compare are APRs, fees, and repayment requirements. To see the top-ranked offers, check out WalletHub’s picks for the best debt consolidation loans and the best balance transfer credit cards.

   You can also use a balance transfer calculator or a debt consolidation calculator to help you decide which option is best for you.

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4. Apply.

   You may be able to apply for a loan or balance transfer credit card online, in person or over the phone. You will need to provide some personal and financial information when you apply, such as your name, address, employment status and income. You’ll need to provide details about your existing debts, too.

5. Wait for a decision.

   With a debt consolidation loan, you may get a decision the same day you apply or within a few business days. You’ll then get your funds within a few business days after approval. Some lenders will send the funds directly to your creditors. All you need to do is tell them where the funds need to go.

   With a balance transfer credit card, you may get a decision quickly or within a few weeks. Once you’re approved, you’ll get the card within 7 - 10 business days. Bear in mind that you might not get approved for a credit limit high enough to fully combine all of your debts into one payment.

6. Repay the balance.

   Once you get the funds from a loan, you’ll need to repay the lender. This may take months to years to complete.

   If you get a balance transfer credit card, you’ll need to repay the issuer after they pay off your existing debt. It’s best to do this before any low-interest introductory APR period ends.