Consolidating credit card debt calculator
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. To do this, many or all of the products featured here are from our partners. It can reduce your total debt and reorganize it so you pay it off faster.
The calculation is based on the information you provide and is for illustrative and general information purposes only.» MORE: Follow these 3 steps to pay off debt Two additional ways to consolidate debt are taking out a home equity loan or 401(k) loan.However, these two options involve risk — to your home or your retirement.You might qualify for an unsecured debt consolidation loan at 7% — a significantly lower interest rate.
For many people, consolidation reveals a light at the end of the tunnel.
By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.