Debt Consolidation Calculator
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What is debt consolidation?
Debt consolidation definition:
The practice of eliminating multiple debt payments by obtaining a new loan with a single monthly payment to pay off existing accounts.
How does debt consolidation work?
The concept of consolidating debt is simple. Accumulating credit card, department store, and other revolving debt is common. Difficulty paying it off is also common. The high interest rates and low minimum payments typically associated with credit cards make eliminating those balances frustrating. By pooling that debt into a new loan with a single monthly payment, the debt becomes manageable, with a defined monthly payment and termination date.