Discover® Debt Consolidation Options

What is debt consolidation?

A debt consolidation loan can help you save money and lower monthly payments.

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Save money by consolidating debt
Consolidating debt is the process of combining multiple debts from credit cards, high-interest loans and other bills into a single loan with one monthly payment. The goal is to reduce your interest rate, which can help you save money on interest, lower monthly payments, and pay down debt faster.

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.

Consolidation Loans

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.

Balance Transfers

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
    • Lock in a lower interest rate with a consolidation loan
    • Get a low promo APR with a credit card balance transfer
  • Pay off debt over time
    • Choose your loan term or balance transfer promotional period
    • Create a monthly payment plan that works for you
  • Consolidate monthly bills
    • Simplify and streamline your finances
    • Consolidate your debt and make fewer payments each month
  • Eliminate debt faster
    • Put less money toward interest
    • Pay down your principal sooner

Estimate your savings with our debt consolidation calculators

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See balance transfer savings

Check out how much you could save if you transfer balances to Discover.


Calculate a Credit Card Balance Transfer >

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Estimate personal loan savings

Explore your options to consolidate multiple debts into a single, easy-to-manage loan.


See Your Savings with a Personal Loan >

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Calculate home equity loan savings

Estimate how much a home equity loan can lower your monthly payment.


Estimate Savings with a Home Equity Loan >

Debt consolidation FAQs

Explore these debt consolidation resources