Use the Debt Consolidation Analyzer
Analyze Your Debts
How This Tool Works
- 1
Add each of your current debts: balance, interest rate, and minimum monthly payment
- 2
Enter the consolidation loan rate you expect to receive (typically 6–36% APR in the US)
- 3
Select your preferred consolidation loan term (6–84 months)
- 4
The tool calculates your total current payments vs. a single consolidated payment
- 5
See your potential monthly savings and total interest savings based on current US market rates
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Understanding Your Results
If the analyzer shows significant savings, consolidation may be a good strategy. However, consider whether extending the loan term means you'll pay more interest overall even with lower monthly payments. Compare both the monthly payment reduction and the total interest savings. A good consolidation deal should ideally reduce both, not just shift costs to a longer timeline.
Responsible Borrowing Advice
Debt consolidation only works if you stop accumulating new debt on the accounts you've paid off. Cut up credit cards or reduce limits after consolidation. If debts are overwhelming, consider speaking with a non-profit credit counseling agency certified by the NFCC (National Foundation for Credit Counseling).