Discover® Debt Consolidation Options
What is debt consolidation?
A debt consolidation loan can help you save money and lower monthly payments.
Which consolidation option is right for you?
Debt consolidation isn't one size fits all. That's why we offer solutions to help you consolidate your debt in a way that works for you.
With a consolidation loan, you choose the amount you need and the repayment terms that work for you. You can borrow up to x with a Discover Personal Loan or $35,000 up to $300,000 with a Discover Home Loan. With a Discover Student Consolidation Loan, you can combine federal and private student loans into one new loan.
If you're approved, you'll pay off your now-consolidated debt with monthly payments according to your loan repayment term.
A balance transfer is a solution offered by your credit card. Using your available credit, a balance transfer lets you pay off other credit cards or loans. Those debts are then consolidated and added to your credit card balance.
When you complete a balance transfer, you get a low interest rate for a set duration. Depending on the offer, you may pay a transfer fee.
Transfer a balance with Discover Card.
The benefits of consolidating debt
Save on interest
Pay off debt over time
Consolidate monthly bills
Eliminate debt faster
Debt consolidation FAQs
Debt consolidation may help you lower your monthly payment or under certain circumstances decrease the amount of interest you pay, but this depends on your financial situation and your ability to make your monthly payments.
Whether you choose a loan or a balance transfer, you can consolidate credit cards, store cards and gas cards; high-interest loans; medical bills and more. Separately, you can also consolidate your student loan(s) by refinancing federal and private student loans into one loan with one monthly payment.
You can consolidate your credit card debt two ways. You can transfer your other credit card balances onto one credit card with a balance transfer, or you can get a debt consolidation loan to pay off your balances.
Subject to credit approval, you can consolidate up to the aggregate amount of your education loan debt. Maximum limits may apply. The minimum consolidation loan amount is $5,000.
Yes, in most cases with a debt consolidation loan, we can send funds directly to your creditors or you can receive a check in the mail to pay them off yourself. With a student consolidation loan, we will send funds directly to your current lenders. A balance transfer can also send funds to most credit card or loan companies.
A balance transfer offer has a low promotional or introductory rate. Rates can be as low as 0%, depending on the offers that are available to you.