Credit Card Consolidation Loans

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When credit card companies charge high interest rates, the length of time it can take to pay off your credit card debt can be frustrating, especially if you’re only making minimum payments.

A personal loan from Marcus by Goldman Sachs® could help you get out of the cycle of high-interest credit card debt by allowing you to consolidate your debt into a single loan with a lower fixed rate.

Let’s find out if consolidating credit card debt with Marcus is right for you.

What is a credit card consolidation loan?

With a credit card debt consolidation loan, you borrow money to pay off your existing credit card debt.

You then pay off this new loan with a single, recurring monthly payment. This allows you to manage your debt with one easy payment per month.

If you’re someone who has several credit card bills, you may be able to pay off your higher-interest debt faster by consolidating your credit card debt into a single loan payment with a lower interest rate.

FACTOID: 77% of creditworthy Americans with credit card debt don’t know that they can use a personal loan to pay down their credit card debt.

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Wondering how to consolidate your debt from multiple creditors into a single monthly payment? One way is to transfer your debts onto a balance-transfer credit card, allowing you to take advantage of a low-interest promotional period to pay off the balance before the interest rate increases. Another option is to use a debt consolidation loan, which allows you to replace debt across multiple creditors with a single, personal loan that is then paid off in installments over time. In either case, you’ll still have debt, but it will be organized into one monthly bill. Sometimes a little reorganization goes a long way.

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Why choose a Marcus credit card consolidation loan?

Personal loans from Marcus have fixed interest rates, meaning they won’t change like the rates on your credit cards. Thanks to the fixed interest rate and fixed term, you’ll know exactly how much debt you have to pay off, as well as the date you’ll be debt-free, provided you make all your payments on time. If you have a good credit score of 660 or higher, you may qualify for a Marcus loan, which can help you consolidate your debt. And, since Marcus doesn’t charge fees, you’ll know exactly how much you owe. No more, no less.

How to consolidate your credit card debt with a Marcus personal loan

When consolidating your debt with Marcus, here’s what you can expect.

You’ll select the loan amount that you want to put toward your high-interest credit card debt. Then, you’ll choose your desired monthly payment, and we’ll provide you with the tailored loan options available to you.

Choose the option that works for your budget and your schedule, and, if approved, use the disbursed funds to pay off your high-interest credit card balances.

Benefits of Marcus credit card consolidation loans

Loan amounts up to $40,000

Marcus personal loans are available from $3,500 up to $40,000, with loan terms from three to six years.

No fees. Ever.

We never charge fees. Ever. That means, when you take out a loan with us, the only thing you pay is your principal and interest.

Fixed rates as low as 6.99% APR

A personal loan from Marcus could have a lower interest rate than the one on your higher-interest credit cards, and a lower rate means you can save money and pay off high-interest credit card debt faster. Marcus rates are as low as 6.99% APR. Rates range from 6.99% to 24.99% APR, and  loan terms range from 36 to 72 months — but only the most creditworthy applicants qualify for the lowest rates and the longest loan terms. These rates are fixed for the life of your loan.

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Simplify your payments

Using a personal loan from Marcus to pay off multiple credit cards could help simplify your bills. Imagine how much simpler things could be if you consolidate your debt from multiple payments with varying interest rates into just one fixed-rate, recurring monthly payment.

Easy online application process

The application process is easy. Select a loan amount and desired monthly payment, and we will provide you with loan options tailored to you. Then, you choose the option that fits your budget and your schedule.

If you’re approved, just e-sign your loan documents and provide a bank account to receive your funds. Many Marcus customers receive their funds within four days of approval.

How much could I save when I consolidate with a Marcus loan?

With a Marcus credit card consolidation loan, you could save money that you’d normally lose in interest and fees to credit card companies. To help you estimate how much you could save when you consolidate with a Marcus loan, we’ve developed an online calculator. Just plug in how much you owe, and we’ll do the rest.

Is a Marcus credit card consolidation loan right for me? 

If you’re someone who has a lot of debt spread across several credit cards, a credit card debt consolidation loan could be right for you. Consolidation could minimize that stress with one simple, predictable monthly payment.

Additionally, if most of your credit card debt is on cards with higher interest rates as compared to the rates on a personal loan, a Marcus loan could save you money in interest. Plus, we charge no fees. Ever. 

Credit card consolidation loans vs. other forms of debt consolidation

Credit card consolidation loans are not the only way to pay down your credit card debt. But, not every form of debt consolidation is right for everyone. Let’s see how credit card consolidation loans compare to other forms of debt consolidation.

Balance Transfer Credit Cards

One option for consolidating credit card debt is a balance transfer to a new credit card with a low or 0% promotional interest period. Balance transfers can be useful if you have a small amount of debt that you believe could be paid down before the promotional period ends. But, if you don’t pay down your balance before the promotional period ends, your interest rate could go up dramatically, costing you money. By comparison, a Marcus personal loan has fixed interest, so you won’t have to worry about changing interest rates.

When doing a balance transfer, you’ll want to make sure that whichever credit card you use to consolidate your debt has a high-enough credit limit. If your credit limit is low, you may only be able to move over a portion of your outstanding debt.

One thing to be aware of: some credit cards charge a fee to transfer a balance. For example, if you’re transferring $12,000 and there’s a 5% fee to transfer, you’ll have to pay $600 in fees. By comparison, you won’t be charged any fees to consolidate debt with a personal loan from Marcus.

Home Equity Loans

Home equity loans are another means of credit card debt consolidation. Although home equity loans can have a lower interest rate as compared to the rates on other types of loans, there are risks.

With a home equity loan, you borrow against your home. So if you fail to pay back the loan — known as defaulting — the lender has the right to take your home and resell it. With a personal loan from Marcus, you never have to put up your home or personal possessions as collateral for the loan. So, you can pay down your debt and know your stuff is safe. Pretty neat, right? 

Let’s do this!

If you’re fed up with juggling debt on multiple credit cards, a credit card consolidation loan from Marcus could be a great option for you.