September 23, 2026
A recent BestMoney survey found that more than half of U.S. adults (56%) have missed a payment or paid late, not because they couldn't afford it, but because they simply lost track of it.
Falling behind can lead to late fees, credit damage, and needless anxiety. Conversations about household debt often focus on how much people owe, but our survey suggests the stress comes just as much from juggling several debts at once. That may be why 70% of respondents said combining their debts into one payment would ease their financial stress.
Used strategically, a debt consolidation loan can bring more clarity to your finances.
Most people juggle multiple payments each month: credit cards, personal loans, rent, mortgage, utilities. You can't consolidate rent or utilities, but the more credit cards and loans you carry, the more complicated your schedule gets.
Here's what our survey found:
44% manage two to three bills or debt payments each month, and nearly a quarter (24%) manage six or more.
67% spend at least "some" mental energy tracking due dates and minimum payments across multiple bills, including 30% who say it takes "a lot."
60% at least occasionally worry about forgetting to pay a bill on time.
56% have actually missed or been late on a payment simply because they lost track of it among too many bills.
A debt consolidation loan turns several of those payments into one, which is exactly the kind of mental load these numbers point to.
From My Experience: I once paid a bill late because I simply lost track of it. I automate most payments, but a property-related bill slipped through the cracks. It arrived by mail, so I set it aside as a reminder to pay it online, then forgot. Afterward, I created a spreadsheet to track every bill: the due date and whether it needs to be paid manually, so I don't assume something's on autopay when it isn't. It's helped manage my financial stress ever since.
Paying down debt in bits and pieces across several accounts can feel like you're not getting anywhere. A debt consolidation loan doesn't reduce what you owe; it moves several balances into one loan with one payment.
But that simplification clearly appeals to people. When asked whether having a single fixed monthly payment instead of several separate ones would reduce their financial stress, 70% said yes:
Yes, significantly: 34.2%
Somewhat: 35.8%
Not really: 20.3%
No difference: 9.8%
Whether a single payment would actually ease your load often comes down to how the debt happened in the first place.
Debt often comes from disorganization as much as from shopping and spending. You forget that you have three streaming services you no longer use. You don't have time to take your car to the shop to check out that weird noise until it overheats your engine, and now you face a much bigger bill.
If those costs end up spread across multiple credit cards you can't keep track of, consolidation might make it easier to stay on top of what you owe.
The benefits respondents describe go beyond feeling less stressed day to day:
75% say knowing exactly how much they owe, and when it'll be fully paid off, would boost their confidence in their finances, the highest-agreement question in the survey.
63% say having fewer accounts to track would make them feel more in control of their money overall.
The average American regularly uses 3.7 credit cards, meaning nearly four payment dates, interest rates, and minimum payments to track. Consolidating can shrink those balances significantly. A 2023 TransUnion study found that people who used a personal loan to consolidate credit card debt reduced their card balances by 57% on average.
The key is keeping those cards paid off or the balance low afterward, so you don't end up back in debt.
In our survey, most respondents (77%) said they'd be "at least somewhat likely to combine their debts into a single payment if it meant fewer bills to track each month."
That openness is especially strong among people ages 45 to 60, the same group most likely to say they've missed a payment because they lost track of their bills. People feeling the most friction from juggling multiple payments also seem most ready to act.
Pro Tip: Before you commit, compare a few debt consolidation loans side by side. Look at the fixed monthly payment each one would give you, the total interest over the loan term, and whether the rate actually beats what you're paying now across your current cards and loans.
Before you take out a debt consolidation loan, ask yourself:
Am I missing payments because I can't afford them, or because I can't keep track of them? If the problem is juggling multiple due dates, one monthly payment could help. If you can't afford the payments, a new loan may just rearrange the debt without solving the underlying problem.
Why am I in debt? Take an honest look at why you're carrying balances on multiple credit cards or Buy Now, Pay Later loans. If you regularly pay more than the minimum and the main issue is having too many accounts, combining them into one loan may make your debt easier to manage and, if you qualify, cheaper.
Can I make a budget and stick to it? A budgeting app can help you see whether you need to earn more, spend less, or just simplify. But a loan alone won't get you out of debt unless you also cut spending or increase income.
Would I qualify for a lower interest rate? Before applying, check whether you'd prequalify for a lower rate than you're paying now. You don't want a loan with worse terms than your current debts or a payment you can't afford.
If you think combining your debts into one payment would ease your stress, you're not alone. Our survey found that for many people, the problem isn't just making payments, it's juggling multiple bills and due dates, which takes a real toll on financial well-being. Debt consolidation can help, but whether it's the right move depends on your situation.
According to our survey, 70% of respondents said a single fixed monthly payment would reduce their financial stress, rising to 85% among people who've already missed a payment from juggling multiple bills. Results vary by situation, and if you can't afford your debt at all, a new loan may not be the right fix, consider speaking with a nonprofit credit counselor instead.
Debt consolidation rolls multiple debts, like credit cards or personal loans, into a single new loan. You owe the same amount, just with one payment instead of several.
If you're stressed about managing multiple monthly payments, it's worth considering. But your total debt, interest rates, credit profile, and income will determine whether it's actually in your best interest.
BestMoney conducted this survey among 769 U.S. adults from September 3-4, 2026. Respondents were distributed across major U.S. regions, age groups (18 to 60+), genders, and household income levels ranging from under $10,000 to $200,000 and above.
Written by Maya Dollarhide, financial copywriter for BestMoney.com. She specializes in content for debt consolidation, personal loans, mortgages, debt management and credit counseling, and student loans. Her work has appeared in outlets such as Investopedia, Yahoo Finance, and MarketWatch.
Experian, average number of credit cards per person
TransUnion, 2023 debt consolidation study
BestMoney survey of 769 U.S. adults, September 3–4, 2026 (see Methodology)
Maya Dollarhide is a writer specializing in personal finance, with a special focus on student loans and debt consolidation and management. She has written for Yahoo Finance, Investopedia, Student Loan Hero, Bankrate, and other publications.
