What can you do about debt payments?
Quick answer
If debt payments are too high, ask your lenders about a payment plan. A new loan can combine debts, but you still owe the money. Compare the full cost and the date you will be done paying. A lower monthly bill can cost more if you pay for longer.
Where should you start?
You cannot make the next payment.
Call the lender at the number on your bill. Ask about a lower payment or a new due date. You can also ask a nonprofit credit counselor for help.
You want to combine debts into one loan.
Compare what you pay now with the new plan. Use the same debts for both.
A loan was denied or did not help.
Check the offer, any debts left unpaid, and what changed after the loan.
What changes when you combine debts?
Debt consolidation means using a new loan to pay off other debts. You then repay the new lender. Some lenders send the money to your old lenders. Others send it to you to pay the debts.
List the debts you want to pay off. For each one, write down what you owe, the rate, and the payment.
Check how much of the new loan is left after fees. If it will not cover every debt on your list, you will have old payments beside the new one.
Will the new plan cost less?
Compare all payments and fees for the same debts under each plan. Include any old debt the loan leaves unpaid. Check when each plan ends, too.
A lower rate does not always mean a lower total cost. Extra fees or more years of payments can use up the savings.
Keep paying old bills until each lender confirms the payoff. If you use paid-off cards again, you can end up with card bills and the new loan.
What if a new loan still costs too much?
Ask your lenders whether they can lower a payment, change a due date, or cut a fee. Ask how the change affects interest and your credit.
A nonprofit credit counselor may suggest a debt management plan. You pay the plan, which pays the lenders who agree to take part. It may reduce rates or fees. You still repay the debt, and the plan may charge fees or require you to close cards.
Common questions
Will one loan clear all your debts?
Only the debts paid off with the loan. Any debt left out, or only partly paid, still needs payments.
Is debt settlement the same thing?
No. Settlement asks a lender to accept less than you owe. It can involve missed payments, credit damage, fees, lawsuits, and taxes. A lender does not have to agree. Read about settlement risks.
What if you already combined your debts?
Check that each old debt was paid and find your next loan due date. Check the payoffs and next payment.
Choose a plan you can keep paying
Before moving debt, check the payment, full cost, and date you will finish. Count any debt left outside the loan. If the payments still leave too little for basic needs, ask about help with the debts you have.
Sources and limits
Sources checked August 28, 2026: CFPB debt-consolidation guidance, credit counseling, and FTC guidance on debt relief. Outcomes and fees depend on the agreement.