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Debt Consolidation

Take the next step toward a brighter financial future.

Save Money

A NextStep Loan could help you consolidate your higher-interest credit card debt at a lower fixed interest rate with no origination fees or pre-payment penalties — so you can save.

If approved, you can lock in a competitive interest rate and consolidate up to four credit cards into one fixed monthly payment.

 

Consolidating multiple credit card balances into a single monthly payment may not reduce or pay off your debt sooner in all cases. A lower payment may result from a lower interest rate, a longer loan term, or a combination of both. Longer loan periods may result in more interest charged over the life of the loan. NextStep Loans can be used to consolidate credit cards only at eligible U.S. banks (American Express Cards are excluded).

Consolidate debt and save with a NextStep Loan.

Here’s an illustrative example of potential savings, assuming a $10,000 debt balance in both cases and the APRs and monthly payments shown below.

Compare for savings:
...with these assumptions:
Credit Card Debt1
Compare for savings:
Interest Paid
$7,906
Time to pay off debt
18+ years
...with these assumptions:
APR
16.16%
Monthly Payment
Minimum Due
Compare for savings:
Interest Paid
$1,610
Time to pay off debt
3 years
...with these assumptions:
APR
9.98%
Monthly Payment
$322.58
$6,200+ of interest savings and debt is paid off 15+ years sooner.
1The credit card debt example assumes minimum monthly payments of the greater of 3% or $15 on an existing credit card balance of $10,000 at a 16.16% APR, not including additional purchases, payments, or credits. Credit card APR of 16.16% is based on the expected weighted average APR for Card Members eligible to apply for a NextStep Loan as of May 2016.
2The NextStep Loan example assumes 36 monthly payments of $322.58 on a loan of $10,000 at a 9.98% APR. Not all Card Members will qualify for a $10,000 loan or a 9.98% APR. Your actual monthly payment, number of payments, and savings will depend on your pre-approved APR and loan amount. Consolidating multiple credit card balances into a single monthly payment may not reduce or pay off your debt sooner in all cases. Longer loan periods may result in more interest charged over the life of the loan.

How It Works

Fixed interest rate loans with your choice of repayment period.

With NextStep Loans, you have the service and reliability of American Express by your side, helping you turn your vision into reality.

1

Tell us where you want us to send your loan funds and the amount you need up to your pre-approved amount.

Log in to your American Express account to see if you've been pre-approved for a loan amount and APR. Then apply for your loan at your pre-approved rate.

2

Select the monthly payment option that works for you.

To apply, tell us the amount you want to borrow for each credit card you want to pay with your loan and choose one of three repayment periods that best meets your needs. Then see what your monthly payment could be.

3

If approved, review the terms of your loan. If you accept, we’ll distribute your loan funds.

If you're approved, you can review the terms of your loan. If you accept your loan, we will send your loan funds directly to the credit cards you select in your application.

Small steps and big steps all start with a next step.