If summer spending was too hot for you this year, consolidating with a personal loan can help cool off your debt. Apply today at ascend.org/personal-loan. 

Costs from a fun-filled summer can sometimes sneak up on us. If you have multiple high-interest debts from your summer excursions, like credit cards, you may want to consider consolidating them into a personal loan.* It can be a great way to manage your payments a little easier, but is it the right choice for you? 

How can debt consolidation help? 

Debt consolidation is what the term suggests: lumping your debts into one account, so you only need to worry about one payment each month, not multiple. That can help you avoid missed or late payments. Plus, personal loans can potentially offer far better interest rates than other debts like credit cards, saving you each month on interest costs alone. 

Are there other advantages? 

By taking out a personal loan to pay off credit card debt, you can reduce your length of time in debt and save yourself money. Making the minimum payment on credit card debt can take several years to pay off because of their high interest rates, but personal loans, while they may have multi-year terms, typically help you get out of debt faster. They give you a light at the end of the tunnel, so to speak.  

Always borrow responsibly. 

If you choose to use a personal loan to consolidate your debt, make sure you’re using it responsibly. You may be approved for more than your debt total, but you should only borrow enough to cover your needs. Always make your payments in full and on time and, if possible, try to avoid taking on additional debt while you’re repaying. 

Consolidating debt can go a long way toward simplifying your finances each month, but it’s not a magic fix. If you need assistance with your budget or want a professional opinion on your financial situation, Ascend members can schedule a complimentary financial health checkup appointment with a certified financial counselor at ascend.org/schedule. 

Don’t let your summer debt control your financial future. Apply for a personal loan today at ascend.org/personal-loan. 

*Amount available determined by credit worthiness and ability to repay.