Your guide to finding the best option for your financial situation

More and more Americans are successfully getting out of debt faster by consolidating their debts or turning to debt relief programs.

Both options empower you to take control of your debts and pay them back in a way that matches your financial situation.

Which one is right for you?

Debt Consolidation Vs. Debt Relief

In this article

What is Debt Consolidation?

Debt consolidation refers to taking out a single personal loan to pay off your existing debts - especially credit cards. You pay back one loan at a single interest rate instead of paying off multiple debts at multiple (usually high) interest rates. 

Why choose debt consolidation?

This option makes it simpler to manage your monthly debt expenses and stay on top of your finances, as well as saving you money on high credit card interest rates.

Who qualifies?

Anyone who is employed and juggling multiple debt payments.

Where can you find the best debt consolidation options?

Check out our breakdown:

1. LendingTree: The Best Deal For Good Credit

  • Minimum Credit Score: All credit scores
  • Loan Amount: Up to $5,000 to $50,000
  • Loan Term: 3 months - 15 years
  • APR range: 3.99% - 35.99%

LendingTree is a massive loan network, matching borrowers with the most relevant lenders. Submit one application and get competing offers. 

View Rates >>

2. AmOne: Fast Process For All Credit Scores

  • Minimum Credit Score: All credit scores
  • Loan Amount: Up to $1,000 to $40,000
  • Loan Term: 2 months - 15 years
  • APR range: 4.99% - 35.99%

AmOne is a loan marketplace that’s ideal for borrowers with average to poor credit who need funds quickly.

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3. LendingPoint: Direct Lender For Poor Credit

  • Minimum Credit Score: All credit scores
  • Loan Amount: Up to $3,500 to $40,000
  • Loan Term: 2 months - 15 years
  • APR range: 15.49% - 35.99%

LendingPoint is a direct lender that works with borrowers who have average to bad credit, but otherwise have a responsible financial history.

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What is debt relief?

Debt relief, on the other hand, is for those with a large amount of debt from multiple creditors and facing real financial hardship.

These services can successfully renegotiate, settle, and change the terms of your debts, preventing you from filing bankruptcy.

Why choose debt relief?

Instead of repaying your various creditors, pay the debt relief company directly, who will then negotiate with creditors on your behalf. This way you can settle your debts on better terms.

Who qualifies?

Anyone with a minimum of $10,000 in debt and proof of real financial hardship.

Where can you find the best debt relief companies?

Check out our breakdown:

LendingTree

  • Minimum debt amount: $10,000
  • Comparison of top debt relief plans
  • Free debt consultation

As a loan network, LendingTree will match you with the most relevant debt relief programs. Fast application process and full transparency at every step.

Get a free consultation now >>

Whether consolidating your debts to make them easier to manage or going with a debt relief service to negotiate and settle your debts, you have options. Reach out to one or more of the lenders above and get on the path towards financial freedom and becoming debt free.