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What Is Debt Consolidation: A Complete Guide


Discover what debt consolidation is, how it can benefit you, and more with our comprehensive guide.

Read More Debt Consolidation Options

Key Takeaways

  • Consolidating credit card debt simplifies payments and can lower interest rates
  • 0% APR balance transfer cards offer a no-interest period for consolidated debt
  • Personal loans provide fixed payments and terms but depend on your credit score
  • HELOCs use home equity for low-interest debt consolidation but involve your home as collateral
  • Choosing the right consolidation method is crucial for financial wellness and achieving debt freedom

Table of Contents

  1. What is Credit Card Consolidation?
  2. What are the Benefits to Debt Consolidation?
  3. Effective Ways to Consolidate Credit Card Debt
  4. Getting Started With FSB

What is Credit Card Consolidation?

Credit cards offer numerous benefits, from building credit to earning rewards on purchases. However, managing multiple accounts can be overwhelming, leading many to consider credit card debt consolidation—a strategy that combines multiple balances into a single payment.

Benefits of Debt Consolidation

  • Simplifies financial management
  • Potentially lowers APR
  • Reduces total interest paid

Contact a Banker for personalized advice on consolidating your credit card debt.

Effective Ways to Consolidate Credit Card Debt

Explore the top methods for consolidating your credit card balances into one manageable payment.

0% APR Intro Offers on Balance Transfer Cards

How It Helps:

  • Transfers multiple balances to a single card
  • Offers 0% APR during an introductory period
  • May result in lower overall interest if the balance is paid within the intro period


  • Requires good to excellent credit
  • May come with balance transfer fees
  • Limited by the approved credit limit

Personal Loan



  • Interest rates vary by credit score
  • Possible loan origination fees



  • Low-interest rates using home equity
  • Flexible usage for debt consolidation


  • Involves your home as collateral
  • Discuss potential fees and tax implications with your lender or accountant

Debt Consolidation Programs

How They Work:

  • Negotiate with creditors on your behalf
  • Consolidate payments into one fixed monthly payment

What You Need To Know:

  • Possible account closure requirements
  • Monthly service fees

Get Started With FSB

Consolidating your credit card debt can enhance your financial wellness by providing a singular payment and potentially lowering your interest rate. It's essential to choose a consolidation method that aligns with your financial goals and offers the most benefits for your situation. Begin your journey towards financial freedom by selecting the most suitable debt consolidation strategy for you.

FSB Consolidation Loans

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All FSB Branches will be closed on Monday, May 27, in observance of Memorial Day.

For your banking needs, log in through online banking or use FSB's mobile banking app, FSB Now.

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