Debt Consolidation Calculator
Current Debts
Consolidation Loan Details
Consolidation Analysis
Monthly Savings
$0.00
NaN% reduction
Total Interest Savings
$0
Over the life of the loan
Break-even Period
0 months
To recover origination fee
New Monthly Payment
$0.00
vs $0.00 current
Understanding Debt Consolidation
Pros and Cons
Advantages
- Single monthly payment
- Potentially lower interest rate
- Fixed repayment schedule
- Simplified debt management
Disadvantages
- Possible origination fees
- May extend repayment period
- Could pay more interest long-term
- Requires good credit for best rates
When to Consider Consolidation
- Multiple high-interest debts
- Good credit score for better rates
- Stable income for payments
- Committed to avoiding new debt
- Clear plan for debt-free future
Alternative Options
- Balance transfer credit cards
- Debt management plans
- Debt snowball/avalanche methods
- Personal loans
- Credit counseling services