debt consolidation can make getting out of debt doable.
A pile of bills would feel a lot better if it wasn't a pile.
With fewer bills to pay, juggling debt becomes simpler. See how you can consolidate debt into one monthly payment that fits your budget. Whether you do it with a personal loan, a balance transfer credit card, or by using home equity, debt consolidation could help you save money and pay down debt faster.1
Benefits of Debt Consolidation1
Rolling all your bills into one can make debt easier to manage and may help save you money.1 Depending on details like the interest rate and repayment rules of your new loan, debt consolidation could help you:
- Find a lower rate. Consolidate debt at a lower interest rate or get a low rate on a credit card balance transfer to save on interest.
- Pay fewer bills each month. Combine multiple debts into one balance for fewer bills to juggle.
- Shorten your repayment term. Save money by putting less toward interest and paying down the principal balance sooner.
- Set a budget. Build a money plan around your bills and expenses.
- Work on your credit score. Making payments on time and avoiding taking on more debt are two things credit reporting agencies look at to determine credit scores.
Debt Consolidation Loan Options:
Learn more about your options, including KeyBank personal loans, KeyBank Latitude® credit card, home equity loans, home equity lines of credit and mortgage refinancing.
KeyBank Latitude® Credit Card
0% intro APR for 15 months on eligible purchases and balance transfers. After the promotional period, the APR will be 19.49% to 26.49% based on creditworthiness.5 Balance transfers must be made within the first 60 days of account opening to qualify for the introductory APR.
Pay down debt with affordable rates. This balance transfer credit card gives you flexibility to pay for things you need while you manage your balance and budget over time.
- Manage your card easily and securely in KeyBank online and mobile banking6,7
- Opt in to view your FICO® Score anytime in online and mobile banking without impacting your credit score8
Contactless – Just Tap and Go®
See below for important details.
Home Equity Loan
0.25% interest rate discount9 for eligible KeyBank clients.
With a home equity loan for debt consolidation, you can borrow against the equity in your home and move your debts into one manageable monthly payment.
- Maximum loan amount determined by the equity you've accumulated
- Fixed rate and payment to protect against rising interest rates
- Set monthly payments for easy budgeting
Home Equity Line of Credit
0.25% interest rate discount9 for eligible KeyBank clients.
Easily access funds and manage your budget with a revolving home equity line of credit for debt consolidation.
- Continuous access to credit, based on available equity
- Low variable rates
- Flexible payment options including fixed and interest only
Mortgage Refinance
Clients who choose to set up automatic payments from an eligible KeyBank checking account get a 0.25% interest rate discount.9
Refinance your mortgage to pay off debt with a lower interest rate, lower monthly payments, or a shorter repayment term.
- Use a cash-out refinance to get money to pay off high-interest debt
- Gain a lower interest rate or decrease your monthly mortgage payment
- Longer repayment terms available, for more manageable monthly payments
- Deduct mortgage interest from taxes. Make sure to consult your tax advisor
We can help.
Visit a branch to talk to a banker near you about your situation and which options may be best for you.
Debt Consolidation Loan FAQs
Get answers to your questions about debt consolidation loans
Debt consolidation rolls multiple debts, usually high-interest debts like credit card bills, into a single payment. Having fewer payments can make debt easier to manage and, if you can also get a lower interest rate, you can reduce your total debt amount and potentially pay it off faster.
Debt consolidation can be a viable option if you are struggling with high-interest debts or if you find it difficult to manage your monthly payments. If you have multiple debts with varying interest rates, consolidating them into a single loan with a lower interest rate can help reduce the amount of interest you pay over time. It can also simplify your finances by making it easier to keep track of your payments and reduce the risk of missing a payment. Learn more about how debt consolidation works and when to consolidate.
Debt consolidation can be straightforward and easily undertaken to make your total debt amount manageable. Having multiple high-interest debts means juggling multiple interest rates, due dates, and, potentially, penalties.
If you can qualify for a loan or credit card, for example, that you can transfer your debts to, you could simplify paying off debt.
- Gather personal information.
Make a list of your total debt amounts, due dates, minimum payments, and interest rates. - Check your credit score.
If you already have a KeyBank credit card, you can check your FICO Score anytime online and in mobile banking. - Explore options.
Research what options are available and compare the rates and fees for those you’re considering. - Review your budget.
Work your new repayment amount into your budget to stay on track and avoid taking on additional debt.
For more information, schedule an appointment or visit Take Control With Debt Consolidation.
A debt consolidation calculator is a tool that helps you find what a monthly payment and payoff time could look like. Visit KeyBank’s Personal Debt Consolidator Calculator to see how a consolidated loan could help you pay off your debts.
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
1
Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
2
All credit products are subject to credit approval.
3
Funds may be available as fast as same business day of application under the following conditions: (1) certain underwriting criteria are met including, but not limited to, credit score; (2) loan funding does not require third-party payoff(s); (3) funds are deposited directly into a KeyBank account; and (4) complete loan signing by 2:00 p.m. ET on a day that the bank is open for business. Income verification may be required, which may delay availability of funds. Additional conditions may apply. All credit products are subject to credit approval and other program terms.
4
The actual rate and payment amount may vary and is determined by the product, term, loan amount and your credit qualifications.
Representative example of repayments terms for an unsecured personal loan: For $12,000 borrowed over 36 months at 11.99% APR, the monthly payment is $399. This example is an estimate only and assumes all payments are made on time.
5
The 0% introductory APR does not apply to cash advances and is valid for the first 15 billing cycles on purchases and balance transfers. Thereafter, the APR may vary. Currently the undiscounted variable APR for Purchases and Balance Transfers is 19.49% to 26.49%. Balance transfers must be made within 60 days of account opening for introductory APR to apply. The variable APR for Cash Advances is 28.49%. Cash Advance fee: 5%, $10 minimum. Convenience Check fee: 4%, $10 minimum. Cash Equivalent fee: 5%, $10 minimum. Balance Transfer fee: 4%, $10 minimum. Overdraft Protection Transfer fee: $0. There is a $0.50 minimum finance charge where interest is due. Foreign Transaction fee: 3% of each foreign purchase transaction in U.S. dollars. Transactions originating in Canada are excluded from this fee. Refer to Terms & Conditions.
6
Subject to terms and conditions in Service Agreement.
7
Message and Data rates may apply from your wireless carrier.
8
Clients with newly opened credit card accounts may not see their first FICO® Score in online and mobile banking for up to 90 days after enrollment. In certain circumstances, a FICO® Score may not be available for various reasons, e.g., having a limited credit history. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
9
To receive relationship benefits on a new KeyBank mortgage loan, home equity loan, or home equity line of credit, which provides a 0.25% interest rate reduction, you must have owned a Relationship Account at any time during the mortgage loan, home equity loan, or home equity line of credit application process, but no later than seven (7) business days prior to the closing of the mortgage loan, home equity loan, or home equity line of credit. This Interest rate reduction is available on new KeyBank mortgage loan, home equity loan, and home equity line of credit applications only.
As an alternative to the relationship benefit, you may obtain a 0.25% interest rate reduction if you complete and submit, no later than seven (7) business days prior to the closing of the mortgage loan, home equity loan, or home equity line of credit, the Monthly Automatic Payment form to have your recurring payment for your KeyBank mortgage loan, home equity loan, or home equity line of credit automatically deducted from an “Eligible KeyBank Consumer Checking Account”.
For fixed-rate mortgages and home equity loans, the 0.25% interest rate reduction will be reflected in the interest rate on the Promissory Note. For adjustable-rate mortgages (“ARMs”), the 0.25% interest rate reduction will apply to the initial fixed interest rate period and will be reflected in the maximum amount the interest rate can increase of the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note or Agreement. For home equity lines of credit (“HELOCs”), the 0.25% interest rate reduction will be applied to the margin, thereby reducing the applicable variable annual percentage rate (total annual percentage rate consisting of the applicable index value plus margin value).
“Relationship Account” means (A) an open Eligible KeyBank Consumer Checking Account with five (5) or more Qualifying Transactions posted to a single Eligible KeyBank Consumer Checking Account in a calendar month, which may not be aggregated across other accounts you own, OR (B) an open Key Private Bank Checking or Key Private Bank Personal Checking account. An “Eligible KeyBank Consumer Checking Account” means: any KeyBank consumer checking account designated as a personal checking account by KeyBank, including KeyBank’s Hassle-Free checking account, but excluding a health savings account. “Qualifying Transactions” include, but are not limited to, point of sale transactions, bill payment(s), ATM transactions, check, cash or direct deposits, and electronic funds transfers. Qualifying Transactions exclude adjustments, advances, reversals, refunds, account to account transfers, person-to-person transfers, interest, service charges, and service fees. Qualifying Transactions must be completed at least three (3) business days prior to application to be eligible for inclusion in determining whether you met the “Relationship Account” portion of the “Bank with Key” criteria.
The 0.25% interest rate reduction may not be combined with certain other discounts or promotions and may not be available for all home lending products. Other terms, conditions, and/or limitations may apply. Contact KeyBank Home Lending for more details.
For Home Equity Line of Credit:
Reimbursement of Lender Paid Costs: If you voluntarily close your line of credit within 36 months of the date you sign the agreement, you will reimburse KeyBank for bona fide fees it paid to third parties on your behalf in connection with the account opening and as provided in your Agreement.
For Home Equity Loan:
Reimbursement of Lender Paid Costs: If you voluntarily prepay your loan in full and terminate your account within 36 months after you sign the note, you will reimburse Key for bona fide fees it paid to third parties on your behalf in connection with the opening of your account. These fees may include costs of appraisal, title, and flood certification fee and, where applicable, mortgage tax. These fees are shown as itemized estimates on your loan estimate provided to you within three (3) days of your application, as final itemized amounts on your closing disclosure sent to you at the time of final loan approval and as itemized amounts in your fixed rate note. This provision will not apply to the exercise of any applicable right to cancel or rescind under the Federal Truth in Lending Act or Regulation Z, or if the term of the loan is 36 months or less.
For Home Equity Loan and Home Equity Line of Credit:
To apply, you must: (1) Be 18 years of age or older; (2) For Home Equity Loan: live within the following states: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA; (3) For Home Equity Line of Credit: live within any one of the United States except the following: AL, AZ, CA, DC, NV, TX. For subject properties outside of AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA call 1-888-KEY-0018 (1-888-539-0018), TDD/TTY (1-800-539-8336) for product information or to submit an application; (4) Agree to provide additional personal and business information, if requested, such as tax returns and financial statements; (5) Certify that all information submitted in the application is true and correct; and (6) Authorize the bank and/or a credit bureau to investigate the information on the application.
For Unsecured Person Loan:
To apply for an Unsecured Person Loan, you must: (1) Be 18 years of age or older; (2) Have a valid Social Security number (3) Live within the following states: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA; (4) Agree to provide additional personal and business information, if requested, such as tax returns and financial statements; (5) Certify that all information submitted in the application is true and correct; (6) Authorize the bank and/or a credit bureau to investigate the information on the application.
NMLS# 399797. Equal Housing Lender.
