Managing multiple debts isn’t just expensive—it’s exhausting. For busy professionals, keeping up with several balances, interest rates, and due dates can feel like a second job, draining both your mental bandwidth and your finances.

Over time, the cost of managing multiple debts goes beyond dollars. That’s why many high earners are turning to debt consolidation for professionals, a simple and proven way to regain control.

Key takeaway

Multiple debts mean multiple interest rates, due dates, and risks for error. Consolidating them into one predictable payment can simplify your financial life and preserve your earning potential.

When high income meets fragmented finances

Why six-figure earners still feel financial pressure

Despite average credit card interest rates hovering near record highs, roughly 38% of high-income credit cardholders carry balances from month to month, according to the Federal Reserve. That means a significant portion of cardholders are paying double-digit interest on revolving balances, one of the most expensive ways to borrow money. At the same time, six-figure earners now make up more than one-third of all personal loan demand.

Whether you finance purchases strategically—to preserve liquidity, fund investments, or weather temporary income fluctuations—every variable is another to manage.

Each additional account comes with its own rate and repayment schedule. With multiple payments due across the month, even the most careful borrower risks missing due dates, or worse, paying more in interest than necessary.

For example:

A $25,000 credit card balance at 22% APR will accrue more than $5,200 in interest in the first year alone, if you just make minimum payments.
Add a private student loan at 9% and a short-term personal loan at 15%, and your blended effective rate could exceed 17%.

The emotional and mental load of juggling payments

The cost of managing multiple debts is more than a financial concern; it’s also a mental stressor. A CNBC survey found that 70% of Americans—including 57% of those earning $100,000 or more—say money is a significant source of stress, citing rising interest rates, inflation, and mounting debt as the top triggers.

When considering the psychological effects of money worries, the case for securing financial peace of mind becomes even stronger. The impact of financial stress can alter mental and physical health, relationships, sleep patterns, and work performance.

Managing multiple payments, due dates, and interest rates only amplifies that tension, leaving less clarity and focus for personal and professional priorities.

The true costs of keeping debts separate

Overlapping interest rates add up fast

When you carry multiple balances, you’re effectively competing against yourself. Each account compounds at its own rate, and those rates rarely favor borrowers. For example, if you’re managing:

	Loan amount	Term	APR	Total interest
Credit card	$25,000	N/A	20%	$41,056
Student loan	$30,000	10 years	10%	$17,574
Personal loan	$20,000	7 years	14%	$11,483

You’re paying more than $70,000 in total interest by paying off your balances individually. But getting a single fixed-rate personal loan with a 12% APR would reduce that total to around $36,212. What’s more, a fixed-rate consolidation loan will also lower your monthly payment.

That’s money that could be invested, used to build emergency reserves, or allocated toward home improvements.

	Loan amount	Term	APR	Total interest
Debt consolidation loan	$75,000	7 years	12%	$36,212

This scenario illustrates why debt consolidation for professionals can be a transformative tool—it converts a reactive debt cycle into a deliberate high-income debt strategy designed for long-term efficiency.

Missed optimization = Missed opportunity

Paying extra interest reduces your disposable income and limits your financial momentum. Successful people who maintain fragmented debts often lose the ability to strategically deploy cash toward higher-return opportunities.

The money you save by consolidating and lowering your effective interest rate could unlock funds each month that you could redirect toward tax-advantaged investments or real estate opportunities.

Damage to credit from utilization and late payments

Even disciplined borrowers can face credit setbacks when managing multiple accounts. Credit utilization—the portion of available credit you’re using—makes up about 30% of your FICO score. High utilization across several cards can depress scores, even if payments are made on time.

And if a single payment slips through the cracks, you could face late fees and temporary credit dips. Consolidating into one loan lowers utilization ratios and simplifies your finances, improving your overall credit health while reducing risk.

How consolidation replaces complexity with clarity 

One fixed payment, one interest rate

Debt consolidation through a personal loan replaces multiple bills with one predictable payment. Instead of juggling various due dates and rates, you pay one monthly amount—often at a lower interest rate than revolving debt.

This helps create structure. A single due date is easier to manage, but you also gain instant visibility into how much you owe and when you’ll be debt-free.

Predictable terms, better budgeting

Variable-rate credit cards fluctuate with the market, but fixed-rate personal loans remain steady. This stability is crucial for professionals managing complex budgets or irregular income streams.

Knowing your exact payment every month simplifies financial planning, enabling you to manage your expenses and enjoy more financial breathing room.

The compounding effect of lower interest rates

When you consolidate high-interest debts into a single loan with a lower rate, the savings multiply over time. For example:

Consolidating $75,000 in mixed debts from an average 18% rate to 12% can save $21,200 in total interest across a 7-year term.

That’s real, quantifiable progress. It’s the difference between feeling like you’re managing debt and actually mastering it.

Why BHG’s Personal Loan is a smart option for professionals 

Built for borrowers with strong income and credit

BHG Financial was designed for people like you—successful professionals with complex financial lives who value efficiency and control. Unlike traditional lenders that rely solely on credit models, BHG takes a holistic view of your financial strength, factoring in income stability and future earning potential.

This tailored approach enables qualified borrowers to access large, unsecured loans—up to $250,000¹—without requiring collateral.

High loan amounts for high-balance debt

Many lenders cap personal loans at $50,000 or $100,000, forcing those with higher balances to juggle multiple products. BHG Financial offers industry-leading loan limits and flexible terms up to 10 years,^1,2 making it possible to consolidate even substantial debt portfolios while keeping monthly payments manageable.

Fast, discreet, and personalized lending experience

BHG’s concierge service model values time as much as money. With no impact to your credit score⁴ to prequalify, minimal documentation, and dedicated U.S.-based loan specialists, the process is designed for speed and discretion.

Borrowers can receive an approval decision in as little as 24 hours,³ and funding in as few as five days.³ That efficiency allows you to take action quickly.

The bigger picture: Simplifying debt to unlock growth 

When your financial structure is streamlined, it can unlock:

Strategic liquidity: With fewer payments to manage, it’s easier to preserve cash flow and direct funds toward high-value goals such as investing or retirement planning.
Improved credit health: Lower credit utilization and consistent on-time payments can help strengthen your credit profile, opening the door to better financing opportunities in the future.
Long-term confidence: Turning fragmented obligations into one streamlined plan allows you to move forward with the peace of mind that your financial life is working in sync with your goals.

Ask yourself: Is it time to consolidate?

Signs you’re sacrificing efficiency by managing debt alone

If any of the following apply, it may be time to simplify:

You’re managing three or more monthly debt payments.
At least one balance carries an APR over 15%.
You’ve missed or nearly missed a payment this year.
Your credit utilization is consistently above 30%.

When BHG’s Personal Loan is the right fit

A BHG personal loan is ideal for professionals who:

Maintain strong income and credit but want more predictable payments.
Carry multiple high-interest debts or large balances across accounts.
Need fast, concierge-level support to simplify repayment.

Separate debts can be a hidden drain—take back control

You’ve worked hard to build your income and credibility. But complicated debt can quietly erode both.

With a single, tailored solution through BHG Financial, you can streamline repayment, lower your overall interest, and gain a clear timeline to being debt-free.

Want to simplify and save? Explore how a BHG personal loan could consolidate your debt and restore clarity—with no credit impact to check your rate.⁴

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Not all solutions, loan amounts, rates or terms are available in all states.

¹ Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile.

² Personal Loan Repayment Example: A $59,755 personal loan with a 7-year term and an APR of 17.2% would require 84 monthly payments of $1,228.

³ This is not a guaranteed offer of credit and is subject to credit approval. 

⁴ There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit.

Consumer loans funded by Pinnacle Bank, a Tennessee bank, or County Bank. Equal Housing Lenders.

For California Residents: BHG Financial loans made or arranged pursuant to California Financing Law license - Number 603G493.

If you’re feeling weighed down by credit card debt, you’re not alone. High interest rates can feel like an uphill battle, making it easy to fall behind and tough to catch up.

Understanding how to pay off credit card debt is the first step toward taking control of your debt and reclaiming your financial well-being. Here are a few practical strategies to eliminate credit card debt.

Key considerations

If you have a significant amount of high-interest debt and a good credit score, a debt consolidation loan can be a viable option for paying off credit card debt. For smaller debts, a balance transfer card could help you tackle debt faster.
If not consolidating or using a balance transfer card, set a goal and a budget for repayment; targeting one debt at a time using the snowball or avalanche method can help reduce your balances methodically.
Gradually exceed monthly minimum payments whenever possible to decrease your total interest over time. Even small extra payments can make a big difference in your credit card debt over the long term.

Why is credit card debt hard to pay off?

U.S. credit card balances have surpassed $1.21 trillion, according to the Federal Reserve, driven partially by high APRs.

Credit card debt is difficult to overcome. Even if you don’t make additional purchases, the interest compounds. Only paying the minimum each month means you will carry the debt from month to month, increasing your debt as you accumulate interest charges.

For example, if you’ve amassed $50,000 in credit card debt on a card with a 23% APR, you could pay up to $11,500 per year in interest. Without a plan in place to address the debt proactively, it can become a significant burden.

To start, pay as much as you can toward the debt. Some common ways to do this effectively and consistently include using the debt snowball or debt avalanche method.

What is the debt snowball method?

If you have balances on multiple cards, one of the best strategies to eliminate credit card debt is the snowball method. With the debt snowball method, you pay off the card with the smallest balance first before moving on to the next largest one.

This method is a good choice if you can’t afford to make large monthly payments but want to proactively chip away at your debt. Once you pay off a card, you'll redirect the funds you were using for that payment to your next card balance. You'll continue to do this until you’ve tackled each debt.

Here’s how it looks in action, using the following credit card balances as an example:

Credit card 1: A $5,500 balance and an APR of 16%
Credit card 2: A $2,000 balance and an APR of 20%
Credit card 3: A $10,000 balance and an APR of 23%

Using the snowball method, you’d focus on the second card on this list first because it has the lowest balance ($2,000). Once cleared, you’d move on to the next highest card balance ($5,500) before addressing the third card with a $10,000 balance.

Remember to make minimum payments on all other cards in the meantime; missing any minimum payment can hurt your credit score.

What is the debt avalanche method?

Attacking debt using the debt avalanche method involves paying off the account with the highest interest rate first, regardless of the balance. It can take a while to make progress on —especially if the balance on that card is excessive—but you’ll save money on interest in the long run.

The avalanche method may be a better strategy for you if you can confidently afford a bigger payment and want to pay less in interest while you work to become debt-free.

Here’s how debt avalanche looks in action, using the same credit card balances from above as an example:

Credit card 1: A $5,500 balance and an APR of 16%
Credit card 2: A $2,000 balance and an APR of 20%
Credit card 3: A $10,000 balance and an APR of 23%

Using the avalanche method, you’d tackle the third card first because it has the highest APR (23%). You’d focus on the second card next—APR of 20%—even though it has a lower balance, before moving on to the first card with the lowest APR.

Again, it’s important to focus on making every payment on time to protect your credit score and avoid tacking on additional late fees. It can take a while to knock out the first debt, so patience and consistency is key.

How can debt consolidation help? 

Consolidating personal credit card debt FAQs

Consolidating personal credit card debt can simplify your finances by combining multiple debts into a single monthly payment with more manageable interest rates. In the long run, this can save you from spending more money than you anticipated or previously agreed to on in-terest payments in the future.

Personal debt consolidation can impact your credit score differently depending on the method chosen. For example, applying for a new loan or credit card for consolidation may result in a temporary dip in your credit score due to inquiries, changes in credit utilization, and your his-tory using credit-based financial products. However, making timely payments on the consoli-dated debt can positively affect your credit score by demonstrating responsible financial man-agement.**

Yes, personal debt consolidation can be applied to various types of debt, including personal loans, medical bills, and student loans, in addition to credit card debt. Consolidating multiple debts into a single payment can streamline your repayment process and make it easier to man-age your finances overall.

With highly specialized financing options for accomplished professionals, BHG Financial offers personal loans up to $200K¹ to use as you need them. With repayment terms that last up to 10 years,^1,2you can fully bring your financial plan to action by consolidating your personal debts into a simple and affordable monthly payment to help you achieve financial peace of mind sooner rather than later.

Our payment estimator can help you see your personalized estimate quickly, and our dedicated concierge service team can serve your needs every step of the way.

Debt consolidation involves combining multiple credit card debts into one new account or loan and using it to pay off your existing debts. In many cases, consolidation can save you money because the new product may come with a lower interest rate than the ones attached to your cards. Consolidating debt also simplifies the repayment process because you only need to manage one monthly payment.

Some of the most effective credit card consolidation strategies include using a debt consolidation loan or a balance transfer credit card. The best way to pay off credit card debt will depend on the amount of debt you have, your credit history, and your income level.

If you have a significant amount of high-interest debt and a respectable credit score, a lower-rate personal loan for debt consolidation can be a viable option. Debt consolidation loans, like the ones offered by BHG Financial, have flexible repayment terms1 that help keep your monthly payments low.

Do balance transfers help pay off debt faster?

Transferring your balance from one credit card to another can help you pay your debt faster, as long as the new card comes with a lower rate. If you transfer your balances to a new card with a lower APR, you can allocate a greater portion of your future payments to paying down the principal instead of the interest.

That said, there are a few things to know about the timing of balance transfer credit cards:

You can apply for a balance transfer card in a matter of minutes, but the actual transfer can take anywhere from a few days to several weeks, depending on the credit card company. During that time, you’ll still have to make any payments you owe to your original card company.
Make sure you understand how long the introductory rate lasts, whether there’s a transfer fee, and what the regular rate will be after the promotional period. Introductory rates typically run for a period of six to 18 months, and if you can’t pay off your balance in full, the new rate may be higher than the rate on your old card.

If you worry it may take longer than the intro period to pay off your debt, consider transferring your balance to a debt consolidation loan. BHG offers fixed, affordable payments with terms up to 10 years.^1,2 Plus, dedicated loan specialists provide a concierge loan experience, guiding you through the loan process.

Source: Bankrate, Investopedia - Accessed on 3/14/25
¹ Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile.

How to pay off credit card debt FAQ

Should I pay off my credit card debt or save first?

It usually makes sense to pay off your debts before saving money, especially if you have high-interest debt. This is because the high interest rates on your accounts will often cost more than the money you can save. For this reason, any money you can afford to save is better allocated to paying off your high-interest debt so that it doesn’t continue to compound.

How can negotiating with creditors reduce my debt?

If card issuers are willing to consider negotiating your credit card debt, you may be able to set up a payment plan, pay off the cards for less than what you owe, or agree to a forbearance. However, there are definite drawbacks to negotiation, as these solutions negatively impact your credit score.

Can I pay off credit card debt without hurting my credit score?

Absolutely! Any moves you make to pay your monthly balances on time can help build a solid payment history and, in turn, improve your credit score. Plus, reducing your credit card balances will lower your credit utilization ratio.

Are debt relief programs worth it?

Debt relief (debt settlement) programs offered by for-profit companies should be viewed as a last resort, and only after you’ve exhausted options for consolidation. Debt relief companies can fast-track getting out of debt, but they often charge high upfront fees, and the process could hurt your credit score. Watch for scams and make sure you understand the potential fees before handing over your finances to a debt relief company.

What if I can't afford minimum payments?

Many creditors are willing to work with you if you cannot afford to pay the monthly minimum payment. Call the company as soon as possible to see what you can work out. If getting a debt consolidation loan isn’t an option for securing a lower minimum payment, you can contact a credit counseling agency, which will help you organize a debt management plan to pay down your debts. Debt relief programs could be considered as a last resort, as they come with drawbacks and can charge exorbitant upfront fees.

How BHG can help you pay off debt faster

At BHG Financial, we believe financing should fit seamlessly into your life and goals. That’s why we offer personal loans tailored to your needs, with amounts up to $200,000¹and flexible terms of up to 10 years.^1,2 Consolidate your high-interest debt with a BHG loan designed to help you move forward confidently.

Plus, you’ll enjoy dedicated, U.S.-based concierge service that works around your schedule—because your time is valuable. Ready to see what’s possible? Use our quick and easy payment estimator to get your personalized loan estimate in just seconds.

The Hidden Cost of Managing Multiple Debts Separately

Key takeaway

When high income meets fragmented finances

Why six-figure earners still feel financial pressure

The emotional and mental load of juggling payments

The true costs of keeping debts separate

Overlapping interest rates add up fast

Missed optimization = Missed opportunity

Damage to credit from utilization and late payments

How consolidation replaces complexity with clarity

One fixed payment, one interest rate

Predictable terms, better budgeting

The compounding effect of lower interest rates

Why BHG’s Personal Loan is a smart option for professionals

Built for borrowers with strong income and credit

High loan amounts for high-balance debt

Fast, discreet, and personalized lending experience

The bigger picture: Simplifying debt to unlock growth

Ask yourself: Is it time to consolidate?

When BHG’s Personal Loan is the right fit

Separate debts can be a hidden drain—take back control

Check my rate

Key considerations

Why is credit card debt hard to pay off?

What is the debt snowball method?

What is the debt avalanche method?

How can debt consolidation help?

Consolidating personal credit card debt FAQs

What are the benefits of consolidating personal credit card debt?

How does personal debt consolidation affect your credit score?

Can I consolidate other types of debt besides credit cards?

How BHG Financial can help you consolidate personal credit card debt

Do balance transfers help pay off debt faster?

How to pay off credit card debt FAQ

Should I pay off my credit card debt or save first?

How can negotiating with creditors reduce my debt?

Can I pay off credit card debt without hurting my credit score?

Are debt relief programs worth it?

What if I can't afford minimum payments?

How BHG can help you pay off debt faster

How consolidation replaces complexity with clarity 

Why BHG’s Personal Loan is a smart option for professionals 

The bigger picture: Simplifying debt to unlock growth 

How can debt consolidation help? 