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Be sure to check out any potential online lenders with the Better Business Bureau before applying for a debt consolidation loan online.And you can verify if a lender is registered to do business in your state by contacting your state Attorney General’s office or your state’s Department of Banking or Financial Regulation.By consolidating your credit card debt into a personal loan, you’ll have a definite plan for paying off your old card debt.You may be able to consolidate your debt with a personal loan from your bank or credit union.You can transfer high-interest rate credit card balances to a single card with a lower APR and save money on monthly finance charges as you pay down your debt.

For example, if you’re consolidating multiple balances onto one credit card, you’ll want to avoid maxing out that card’s credit limit because that will hurt your credit utilization rate (how much debt you’re carrying compared to your total credit limit).

Not only does that simplify your debt payments, but it can also help you save money by making you pay only one interest rate, rather than several.

The best way to consolidate credit card debt — and whether consolidation will work for you at all — depends on your situation, so you might want to consult a non-profit credit counselor about your best options.

But, before applying, be sure to ask about the lender’s credit requirements.

Keep in mind that you’ll need excellent credit to qualify for the lowest interest rate on a personal loan.

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