Spend less of your future paying off your past.
A debt consolidation loan from LMCU can help simplify what you owe today, freeing up more money for tomorrow.
A lot of payments are a lot to keep track of.
Multiple balances, multiple due dates, multiple interest rates. A debt consolidation loan can bring all of that into one fixed monthly payment — and one clear finish line.
One monthly payment
Swap a pile of due dates for one fixed payment you can actually plan around.
Less interest to pay
Depending on your situation, consolidating may reduce what you pay in interest over time.
A plan, not a pile
Trade juggling multiple balances for a single, manageable payoff strategy.
If you own a home with available equity, a home equity loan, home equity line of credit (HELOC), or mortgage refinance may offer another path for consolidating larger balances. These options use your home as collateral, but they work differently. Stop into any LMCU branch and we'll walk you through it.
If most of what you owe is on high-interest cards, a lower-rate credit card could be your simplest move. Roll those balances into one place, reduce the drag of compounding interest, and focus on paying down the principal. A could be good fit if your debt lives on plastic and you want one payment with a lower cost.
A personal loan gives you something most credit cards can't: a fixed rate, a fixed monthly payment, and a fixed payoff date. So, there’s no guessing what's owed next month and no moving target. Just a straightforward debt consolidation loan with a finish line you can see from day one.
Not sure which option fits? Here's how to think about it.
The right debt consolidation approach depends on your debt type, repayment preference, and how much payment certainty you want. The FAQs below can help you sort that out.
A debt consolidation loan rolls multiple debts — credit card balances, medical bills, personal loans, and other high-interest debt — into one new loan with a single monthly payment. The goal isn't just simplicity, though that helps. It's the chance to get a clearer picture of what you owe, what it's costing you, and what a realistic payoff plan looks like. Think of it as trading a pile of separate bills for one manageable line item.
They can be — when the math works in your favor and the plan is solid. A debt consolidation loan may help if it lowers the interest you're paying, simplifies your monthly budget, or gives you a fixed timeline for getting out of debt. It's less effective if you extend the loan term so far that total interest increases, or if new balances keep piling up alongside it. The honest answer: it depends on your numbers. A calculator and an honest look at your budget will tell you more than any general rule.
The most common candidates are credit card balances, medical bills, personal loans, and other unsecured high-interest debt. Some options — like a personal loan — can handle a broader mix. Others, like a balance transfer card, work best when the debt is primarily credit card debt consolidation. Knowing what you're consolidating helps you choose the right vehicle for the job.
A personal loan offers a fixed rate and a fixed payoff timeline — the most predictable structure. A low-rate credit card can work well for credit card consolidation loans, especially if you can pay it down quickly. Home equity options may offer different rate structures for larger balances, but they use your home as collateral. Mortgage refinancing may also be an option for larger balances if you already have a home loan, including some renovation or construction refinance scenarios that may factor in your home’s completed value. The right fit depends on your debt mix, your risk comfort, and how much certainty you want in your monthly payment.
It may. A lower interest rate or a longer repayment term can both reduce your monthly payment. That said, a longer term also means more total interest paid over time — so it's worth running the numbers both ways. The goal is a payment that's manageable now without costing you more in the long run. A debt consolidation loan calculator can help you see how the options compare before you decide.
You may be able to use a mortgage refinance to consolidate larger balances, fund home improvements, or both. Some renovation or construction refinance options may factor in your home’s completed value, depending on the loan. An LMCU lending expert can help you compare refinance, home equity, and personal loan options.
