See if combining your debts into one loan saves you money.
Your Current Debts (Enter up to 5)
Debt
Balance ($)
Rate (%)
Min Payment ($)
Credit Card 1
Credit Card 2
Personal Loan
Store Card
Other
Consolidation Loan
Current Debts (Separate)
Total Balance
$18,000
Monthly Payments
$525
Avg Interest Rate
19.8%
Total Interest
$7,200
Consolidated (One Loan)
New Balance
$18,000
Monthly Payment
$443
Interest Rate
8.5%
Total Interest
$3,276
Your Savings with Consolidation
$3,924
$82/month less + faster payoff
When Does Debt Consolidation Make Sense?
Your new rate is lower than the weighted average of your current debts
You can get a fixed rate instead of variable credit card rates
You'll pay off faster with a set repayment term
You want one payment instead of managing multiple accounts
When It Doesn't Make Sense
If the new loan has high origination fees (3-8% is common)
If you extend the term so much that total interest exceeds current debts
If you keep using credit cards after consolidating — you'll end up with more debt
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