Debt Consolidation costs, by state and province

Typical costs for debt consolidation per loan amount. Total debt and interest rates influence the consolidation cost. Open a market below for a local estimate.

Debt consolidation combines multiple debts into one loan, often at a lower interest rate. Personal loan APRs range from 6% to 36%, with origination fees of 0% to 8% of the loan amount. For a $10,000 loan over 5 years, monthly payments can be $150 to $600, and total interest paid ranges from $1,500 to $12,000.

Debt Consolidation Loan vs Balance Transfer

A debt consolidation loan provides a lump sum at a fixed rate, while a balance transfer credit card offers 0% APR for 12 to 18 months but charges a 3% to 5% transfer fee. For $10,000 in debt, a loan at 10% over 3 years costs about $323 per month, while a balance transfer with 0% for 15 months and a 4% fee ($400) requires paying off $693 per month to avoid interest.

Interest Rates and Terms

Your credit score heavily influences the rate you qualify for; borrowers with scores above 720 often see rates from 6% to 10%, while those below 600 may face rates above 30%. Loan terms range from 2 to 7 years, with shorter terms yielding higher monthly payments but less total interest. A $10,000 loan at 8% for 3 years costs $313 per month and $1,268 in interest.

Impact on Credit Score

Applying for a consolidation loan triggers a hard inquiry, which can lower your score by 5 to 10 points temporarily. Paying off credit cards with the loan reduces your credit utilization, often boosting your score by 20 to 50 points over time. Missing payments on the new loan, however, can cause a drop of 100 points or more.

Typical Debt Consolidation prices
ItemTypical range
Monthly payment (on $10k)$150 - $600
Origination fee$0 - $800
Late payment fee$25 - $40
Prepayment penalty$0 - $200

Every market for debt consolidation costs

383 markets have a page, each with a typical range where we have one and plain guidance on what moves the price.

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