Debt Consolidation Calculator
Understanding Debt Consolidation
Debt consolidation combines multiple debts into one loan with a lower interest rate. This simplifies payments and can save money if the new rate is lower than your current average rate.
Key Considerations
- Compare weighted average rate to consolidation rate
- Watch for origination fees
- Longer terms may cost more overall
💡 Tips
- Lower rate saves on interest
- Simplifies multiple payments
- Watch for fees and longer terms
- Avoid running up new debt