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Best overall: LendingTree (compare 5+ lenders, 580+ score). Best for bad credit: Achieve (direct creditor payoff, 620+). Best nonprofit: NFCC agencies (any score, DMP option). Best rate for good credit: SoFi (no fees, unemployment protection).
Debt consolidation combines multiple debts — credit cards, medical bills, personal loans — into a single payment, ideally at a lower interest rate. The Federal Reserve reports average credit card APR exceeded 21% in 2026; the best consolidation loans start at 6.9% for qualified borrowers, representing thousands in interest savings.
Best Debt Consolidation Companies — Comparison Table
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| Company | Min Score | APR | Loan Amount | Best For |
|---|---|---|---|---|
| LendingTree TOP PICK | 580 | 6.94–35.99% | $1K–$50K | Compare multiple lenders |
| Achieve | 620 | 8.99–35.99% | $5K–$50K | Direct creditor payoff |
| SoFi | 650 | 8.99–29.99% | $5K–$100K | No fees, unemployment protection |
| Upgrade | 560 | 8.49–35.99% | $1K–$50K | Bad credit borrowers |
| NFCC Nonprofits | Any | 0% (DMP) | Any amount | Credit-neutral option |
Debt Consolidation vs. Debt Settlement — Key Difference
Consolidation combines debts at a lower rate — you pay 100% of what you owe. Settlement negotiates to pay less than the full balance. Consolidation is better for good credit; settlement is better for financial hardship. See our detailed debt consolidation vs settlement comparison.
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Frequently Asked Questions
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⚠ Important Risks to Understand
Debt settlement and consolidation strategies can affect your credit score, and creditors may still pursue legal action while you negotiate. Forgiven debt over $600 may be reported to the IRS as taxable income (Form 1099-C). This article is for educational purposes and is not legal, tax, or financial advice — consult a licensed professional for guidance specific to your situation. Learn more from the CFPB’s guidance on debt settlement.