Debt Consolidation Calculator

Term in years:
Interest rate:		%

		BALANCE	MONTHLY PAYMENT
	Credit Cards:	$
	Car Loans:	$
	Student Loans:	$
	Personal Loans:	$
	Other Debt:	$

Consolidated Loan Results

Outstanding Debt:	$
Total Payments on Debt:	$
Consolidated Loan Payment:	$
Savings on Montly Payment:	$
Total Payments on Consolidated:	$
Total Interest Paid on Consolidated Loan:	$

What is Debt Consolidation?

If you have debts with more than one creditor, you may be struggling to keep up with all of your monthly repayments. It can easily become confusing when you are paying several different creditors each month and that can lead to problems such as late or missed payments.

Debt consolidation involves taking out a loan with a different lender in order to pay back all of your other creditors. It allows you to combine all of your debts into one monthly repayment. What’s more, the length of the loan is usually longer and so your monthly repayments are lower. This helps you to free up more money each month to do the things that you want to do. So while it is still a loan, it can help to make your debts a lot more manageable.

However, before you rush into debt consolidation, it would first be a good idea to consult our free debt consolidation calculator. By typing in how much you owe on credit cards and loans, the calculator will help you to establish how much you could save each month if you consolidated your debts. It will tell you your outstanding debt, the consolidation amount and how much you are saving each month. It will also tell you the interest rate on the consolidated loan.

By working out how much you could save, it will give you a better idea of whether debt consolidation is the right option for you. While it can help many people, it is not always the best option; it all depends upon you own personal circumstances. You will need to remember that debt consolidation is still a loan. It will not help you to be debt free; it will simply help you to make your debt more manageable.

Overall working out how debt consolidation could help you by using our free debt consolidation calculator is definitely a good idea. It will give you a better idea of whether it is the right option for you or whether you should try something else. It takes a couple of minutes to fill out the information needed. So if you are struggling to cope with all of your debts, why not see if debt consolidation could be the right option for you?