Some debt relief companies and lenders offer to consolidate federal and private loans together into one new loan to lower your monthly payments or interest rate. Don’t do it. Consolidating private and federal loans turns it into a private loan, which means you will lose the federal repayment benefits and protections of your federal loans, such as deferment and forbearance, income-based repayment plans, and loan forgiveness. 
If you have high-interest credit card balances on multiple accounts, just making those monthly payments can be so tough that you can’t afford the things you really need or want — much less save any money. It may also stress you out. In this situation, debt consolidation might be a smart decision. But before you get started, let’s dig in to understand how debt consolidation can affect your credit scores.
To qualify for the 0.50% rate reduction, you must apply for an unsecured Personal Loan by March 31, 2019.  Applications can be made online, over the phone, or in a branch.  The 0.50% rate reduction applies only to new loans applied for during the eligibility period, and is not retroactive to any existing loan(s).  The 0.50% rate reduction is in addition to any relationship discount for which you may qualify. The Annual Percentage Rate (APR) for unsecured Personal Loans ranges from 7.49% to 24.49%.  For unsecured Personal Loans applied for by March 31, 2019, the rate reduction APR ranges from 6.99% to 23.99%.  Rates are as of January 2, 2019, and are subject to change without notice.
One common way to get a lower interest rate on a loan is to add a co-signer who will also be responsible for the loan should you not be able to make payments. This makes your loan less of a risk, so your interest rate won’t be as high. This being said, you are putting your co-signer’s credit score at risk, so make sure you can meet your requirements.
If you are looking at estimated APR and monthly payments, you should already have narrowed down the list of potential lenders on where you qualify. Of course, you want to get the best deal out there. However, understand that this is limited by certain factors, largely by your FICO score. What you will have now is a range of your potential interest rates you can accrue based on the information you gathered. Assuming you have the same loan term, the higher the interest rate is, the higher your monthly payments will be.
Credit utilization accounts for about 30% of your credit score. A healthy utilization ratio hovers between 10% and 30% of your total credit limit. Personal loans and home equity loans don’t have much, if any, impact on your utilization ratio. If you use either of those vehicles to consolidate credit card debt and avoid racking up more credit debt, you may initially see your credit score spike after paying off your credit cards.
Debt.com has put together a comprehensive Credit Repair Process Guide so you can understand what it is, how it works and the three different options you have for repair. We tell you everything you need to know to decide on the best way to repair your credit. If you still have questions, head over to our Ask the Expert section to get the answers you need from our panel of experts.
If you don’t own your home or if you don’t have much equity in it the alternative would be to get personal or unsecured loan. These are called unsecured loans because they don’t require you to use any asset as collateral to secure them. These loans typically have higher interest rates then secured loans and can be more difficult to get if you’re already having a big problem with debt.
You’re entitled to a free credit report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice includes the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Without a proven track record of success, we simply wouldn't be in business. In fact, National Debt Relief only enrolls clients who have a strong chance of benefiting from our debt settlement program. We predicate our reputation on our ability to help consumers move past their debts and begin rebuilding their financial lives - not on our ability to enroll as many clients as possible or charge unnecessary fees.

Could get hit with a penalty APR or deferred interest charges if you miss a payment or don’t pay off the balance during the promotional period	Home can be foreclosed on if you default on payments	Can negatively impact credit. Some companies may use predatory practices. May have to pay taxes on the amount of debt reduced or fees with the debt relief company

U.S. News examined lenders and lending partners that offer personal loans for consolidating existing debt. The research was based on each company’s eligibility requirements, loan terms, fees, repayment methods and additional features. U.S. News limited the analysis to lenders with an online application that offer loans in most of the U.S. so the lenders profiled are accessible to most consumers.
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