Is a balance transfer or a personal loan better for paying off debt?

A balance transfer is best if most of your debt is on high-rate credit cards, allowing you to move it to a lower fixed APR. A personal loan is a better option if you want to consolidate multiple types of debt—such as credit cards, personal loans, or medical bills—into one fixed, lower monthly payment with a set payoff timeline.

Will checking my rate affect my credit score?

No. Checking your rate for a NASA Federal credit card or personal loan does not impact your credit score. You can review your personalized rates before deciding whether to apply.

How much can I save by consolidating debt?

Your savings depend on your current balances and interest rates. Consolidating high-rate credit card balances—often around 20–23% APR—into a lower-rate product can significantly reduce the total interest you pay and help you pay off debt faster.

Will consolidating my debt lower my monthly payments?

Yes. By combining multiple payments into one fixed-rate loan or a lower-rate balance transfer, many members lower their monthly payments and simplify their budget while paying off debt more efficiently.

Ways to Pay Off Debt - Consolidate and Save!

Personal Loans

Features Overview

Less Debt. Just a Click Away.

If you’re looking for the best ways to pay off debt, lower high‑interest credit card balances, or finally simplify your monthly payments, NASA Federal Credit Union offers low‑rate solutions to help you get back on track. Consolidating multiple debts into one predictable monthly payment can help you save money and pay off debt faster.

Which Debt Payoff Option Is Best for You?

A quick guide to choosing between the two most popular debt payoff strategies:

No Fee, Fixed‑Rate Balance Transfer

As low as 8.9% APR¹

cc_icon_240x194 webpage

Transfer High-Rate Balances to a
Platinum Advantage Credit Card

Check My Rate

No impact to your credit score

Fixed‑Rate Debt Consolidation Loan

As low as 7.94% APR²

consolidate_icon_240x194 webpage

Consolidate Multiple Balances

into a Personal Loan

Check My Rate

No impact to your credit score

Perfect for Members who:

- Have cards with higher, variable interest rates

- Are managing multiple payment due dates in the month

Why members prefer it:

- No balance transfer fees or annual fees¹

- A low, fixed rate for the life of balances transferred

- One consolidated monthly payment instead of many

- Card controls like lock/unlock and fraud protection

- Instant account access on mobile banking app

Perfect for Members who:

- Have higher, variable interest rates

- Are juggling multiple bills across credit cards, medical bills, and other debt

Why members prefer it:

- No origination fees or prepayment penalties

- Fast funding - get funds in up to 2 days³

- Borrow up to $30,000

- Low fixed-rate and affordable monthly payments

- Instant account access on mobile banking app

Start planning your debt-free journey

The average credit cards rate is about 20% APR.⁴ Our balance transfer rate starts at 8.9% APR.¹

The average personal loan rate is about 12% APR.⁵ Our personal loans start at 7.94% APR.²

Use this calculator to see how much you can save!

Start today and let us help you get out of debt!

You're close to simplifying your payments and taking control of your financial future.

Check your rate in just 2 minutes - with no impact to your credit score!

Check My Credit Card Rate

Check My SmartLoan Rate

FAQs About Paying Off Debt

What is the fastest way to pay off credit card debt?

A balance transfer credit card with a lower interest rate can significantly reduce your monthly payment and help you pay off your balances faster. Many members choose our Platinum Advantage Rewards credit card to consolidate credit cards into one low-rate payment, and balance transfers come with no fees.

Does debt consolidation hurt my credit?

Checking your rate does not impact your score. Opening a new loan or credit card may temporarily impact your score, but if those products help you pay off your debt faster, that can improve your credit in the long run.

Is a balance transfer or personal loan better for paying off debt?

Choose a balance transfer if all your debt is on credit cards. The average credit card purchase rate is 20-23%, which often includes department store credit card, online store credit cards, and travel related credit cards to name a few. You can transfer multiple credit card balances to our credit cards. If you transfer balances within the first 90 days of account opening, you can lock in a lower rate for the life of the balances transferred.

Choose a personal loan if you have multiple types of debt (loans, medical bills, credit cards). This also is a good option if you need to consolidate more balances, up to $30,000. This is a fixed rate, fixed monthly payment option where you can choose terms up to 84 months so you'll know when your loan will be paid off.

How much can I save with debt consolidation?

Savings vary, but lowering interest from 23% to as low as 7.94% APR can significantly reduce the total you pay. Use our debt consolidation calculator to estimate your savings.

Will consolidating debt lower my monthly payments?

It can if your current debt has a higher interest rate. Take a look at your credit card and other loan statements. Review the interest rate and compare it to our credit cards or personal loan. Use our calculator to see how much you can save. You can also get the added benefit of combining multiple payments into one fixed payment, which can simplify your budget.

¹APR=Annual Percentage Rate. APR is valid only on balance transfers made within 90-days of account opening for qualified applicants, based on creditworthiness and other factors. The 8.9% APR will remain in effect for the life of balances transferred from non-NASA Federal credit cards within the first 90-days of account opening. Balance transfers made after 90-days of account opening do not qualify for the 8.9% APR. Eligibility and Membership in NASA Federal Credit Union required. All offers subject to credit approval. This limited-time offer is subject to change at any time without notice. See Credit Card Terms & Conditions for additional details.

²APR = Annual Percentage Rate. APR is based on the evaluation of creditworthiness. Rates are subject to change at any time without notice. Special offer floor rate is 7.94% APR for up to 60 months and is reserved for highly qualified individuals. The special offer floor rate for terms of 61-84 months is 8.94% APR. Your actual APR may vary. Membership eligibility requirements apply. Subject to credit approval. Refinance of existing NASA Federal Credit Union fixed-rate loans permitted one time only with a required $1,000 cash out. Maximum aggregate unsecured credit limits cannot exceed $50,000 with NASA Federal Credit Union. This limited-time offer is subject to change at any time without notice.

Payment Example: A $10,000 personal loan financed with NASA Federal at 7.94% APR for 60 months will have a monthly payment of $202.48.

³Funds will be issued upon receipt of all required loan documents.

⁴Sourced from Bankrate.

⁵Sourced from Bankrate.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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Ways to Pay Off Debt - Consolidate and Save!