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Debt consolidation can be an effective way to streamline payments and potentially reduce your interest charges. It also may lower your monthly debt payments because, unlike credit cards, medical loans and other forms of debt, personal loans often come with lower interest rates—especially if you have good to excellent credit. Many lenders also offer direct payments to third-party creditors, so you won’t have to worry about the logistics of consolidating your other debts.

The best personal loans for debt consolidation offer low annual percentage rates (APRs) and flexible repayment terms, while avoiding fees like prepayment penalties, so you can retire debt early without having to pay a fee.

Personal loans are available from traditional banks, credit unions and online lending platforms. They typically range from $1,000 to $50,000, with few lenders offering loan amounts up to $100,000. However, more than 80% of Americans borrow less than $20,000, according to a Forbes Advisor survey. What’s more, many personal loans can be funded within a few business days so you don’t have to wait to get the money you need.

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