Debt Consolidation Calculator

Your savings could add up to significant amounts

Debt consolidation loans allow consumers to transfer the account balances from multiple credit cards or installment loans into a single loan and to make a single monthly payment. For debt consolidation loans to be beneficial, the repayment period should be shorter than what it would be for your existing debts without the loan. Secondly, the interest that you pay over the repayment period should be less than what you would pay with your existing repayment periods. In some cases, a debt consolidation loan may look attractive because it has a significantly lower monthly payment than what you are paying today, but the lower payment might be due to a longer repayment period, which costs you more in interest.