Can I consolidate my car loan and credit card?

I’m trying to figure out how to lessen the amount of debt I have and the different pings on my account. I’d rather pay them all in one go. Is this possible?

Answer
It is, through a debt consolidation loan. This type of loan is kind of like refinancing, so you use it to pay off your debts and then pay just the one loan.
Here are a few things you should keep in mind:
  • A debt consolidation loan isn’t always the best idea, so make sure you go through your options carefully and talk to your bank and lenders.
  • Read over anything related to the consolidation loan carefully to make sure you can afford it.
  • Keep an eye on the interest rates so you don’t end up upside down.
If you need to save some money, the Jerry app can help make sure you’re getting the best deal on your car insurance. The Jerry app is free to use, and the average Jerry user saves $879 a year on car insurance.
Lauren Smith
Answered on Nov 22, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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