How to Add All Credit Cards to a Personal Loan

Combining your credit card debt into one loan could save you money on finance charges.

You can add your credit card debt to a personal loan--if the loan is a line of credit. With a line of credit you can write checks from the loan account to make purchases or pay off debts. Many banks and credit unions offer signature loans that act as lines of credit. Adding your credit card debt to the loans is easy.

Instructions

1. Check your statement or contact the bank to determine how much available credit you have.

2. Select the credit cards you wish to pay off. Confirm that you have enough credit in your loan account to make the payoffs.

3. Send loan checks to the credit card companies using the address on your billing statements.

Tips & Warnings

• If your personal loan isn't a line of credit, see your bank about a bill consolidation loan. With the bill consolidation loan you could combine your credit card debt and your personal loan debt into one monthly payment.

References

• Federal Trade Commission: Knee Deep in Debt