Debt Consolidation
One payment at one predictable rate
Replace a handful of revolving balances with a single fixed-rate loan from 8.99% APR. Same money owed, fewer due dates, and an end date you can actually see.
What consolidation actually changes
It does not erase debt. It replaces variable revolving rates with one fixed rate and a fixed payoff date, which is usually enough to change the outcome.
Several balances become one
We pay your card issuers directly if you prefer, so the old balances close out and only the new loan remains.
A rate that stops moving
Card APRs float with prime and can be repriced. A consolidation loan is fixed for its full term, so the payment you sign for is the payment you keep.
A real payoff date
Minimum payments on a card can stretch a balance past a decade. A 48-month loan is finished in 48 months, without discipline being the deciding factor.
No balance transfer fee
Card-to-card transfers usually cost 3% to 5% up front. Consolidating at Summit costs nothing to originate.
Utilization usually improves
Moving revolving balances to an installment loan lowers your credit utilization ratio, which is one of the larger inputs to a credit score.
A person to talk it through with
Consolidation is not right for everyone. A member advisor will tell you plainly if the math does not work in your favor.
A worked example
Three cards carrying $18,400 in total, paid at the issuers' minimums, against one 48-month Summit consolidation loan at 10.49% APR.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
How consolidating works at Summit
List what you owe
Gather each balance, its APR, and its minimum payment. The rate check will tell you quickly whether a loan beats your blended rate.
Check your rate
A soft pull returns your offers in about two minutes without affecting your score. Compare terms from 12 to 60 months.
Choose direct payoff
Give us the account numbers and we send funds straight to each issuer, so nothing depends on you remembering to do it.
Keep the cards open, stay off them
Closing a paid card shortens your average account age. Leave them open, put them somewhere inconvenient, and let the loan run its course.
Common questions
Will consolidating hurt my credit score?
There is a small short-term dip from the hard inquiry and the new account. Most members see a net improvement within a few months because revolving utilization drops sharply.
Do you pay my creditors directly?
We can. Provide each account number at closing and Summit disburses to the issuers on your behalf. You can also take the funds and pay the balances yourself if you prefer.
Should I close the cards afterward?
Usually not. Closing accounts reduces your total available credit and can shorten your credit history, both of which work against your score. Keeping them open at a zero balance is generally better.
What if I have more debt than $50,000?
A personal loan tops out at $50,000. If you own a home, a home equity line at 6.625% APR can handle more and price lower, though it puts your house behind the debt. An advisor can walk through both.
Is consolidation ever a bad idea?
Yes. If your new rate is not meaningfully below your blended rate, or if the balances are likely to build right back up, consolidating mostly moves the problem. We will say so if that is what we see.
Can I include a car loan or medical bills?
Medical bills and other unsecured balances, yes. An existing auto loan is usually cheaper than an unsecured rate, so rolling it in typically costs you more rather than less.
Find out what one payment would look like
Check your rate with a soft pull, compare it to your blended card rate, and decide from there. No obligation either way.