Consolidating student loans and credit card debt

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Add in mortgage payments and student loans – plus a cost of living that's outpacing income growth – and it's no wonder that the average American is looking for credit card debt relief.Often, credit card debt is spread across several different cards, leading to multiple statements and payments.Personal loans and credit card balance transfers are two ways that consumers can consolidate credit card debt. An unsecured loan is not supported by an asset such as a house or car.Banks issue personal loans for many purposes – including paying off debts. Instead, the lender considers the borrower's credit history and ability to repay the loan when evaluating the application.Your available credit is your credit limit minus your current balance and any pending charges.

If you carry a balance on your revolving credit account, then you may have the option to make a minimum payment, pay off the balance in full, or pay something in between.You may be able to transfer multiple credit card balances to one credit card, provided you don't exceed the available credit on the consolidating card. To learn more about balance transfers, read How to Know When a Balance Transfer Could Be a Smart Move.Credit card issuers occasionally offer low, but temporary, balance transfer interest rates.Revolving credit is a type of loan that you can access on demand, up to a limit predetermined by your lender or credit card issuer.A credit card is a common type of revolving credit.

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