Best debt consolidation loans of November 2024

The best debt consolidation loans for fair credit have low interest rates and no fees

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By Mary Beth Eastman
Mary Beth Eastman

Written by

Mary Beth Eastman

Writer, Fox Money

Mary Beth Eastman is an award-winning journalist who's covered personal finance for more than seven years. She's an expert on mortgages and personal loans, with bylines featured by The Balance, U.S. News & World Report, and CNN.

Updated October 23, 2024, 7:59 PM EDT

Edited by Jared Hughes
Jared Hughes

Written by

Jared Hughes

Writer and editor

Jared Hughes has spent more than eight years covering personal finance, with bylines at the New York Post and NewsBreak.

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Debt consolidation is the process of paying off your debts with a new loan, ideally with a lower interest rate than what you're currently paying. You can lower your monthly payments, reduce interest costs, avoid compound interest, and improve your credit score by consolidating or refinancing debt. Plus, you can simplify your monthly budget by replacing several monthly payments with one.

Personal loans are often used to consolidate debt since they have lower average annual percentage rates (APRs) compared to credit cards, according to the Federal Reserve  — 12.49% for two-year personal loans compared to 21.59% for credit cards.

Here’s what to know about getting a debt consolidation loan, including where to find one, how to qualify, and alternatives.

Compare the best debt consolidation loan rates of November 2024

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