Debt Consolidation Calculator
Compare your current debts against a single consolidation loan. See how much you could save on interest and lower your monthly payments.
Frequently Asked Questions
What is debt consolidation?
Debt consolidation combines multiple debts into a single loan with one monthly payment, typically at a lower interest rate. This can simplify payments and reduce total interest paid over time.
Is debt consolidation a good idea?
It can be beneficial if you qualify for a lower interest rate than your current debts. However, extending the repayment term may mean paying more total interest even with a lower rate. Also avoid running up new debt on cleared credit cards.
What credit score do I need for a consolidation loan?
Most lenders prefer a credit score of 670+ for the best rates. Some lenders offer consolidation loans for scores as low as 580, but at higher rates. Check multiple lenders to compare offers without affecting your score (soft pull).