Debt Consolidation

Current Debt
Total Debt
Monthly Payment
Months to Pay Off
Consolidation Loan
Total Debt
Monthly Payment
Months to Pay Off
Months to Payoff Existing Debt vs Consolidated Loan
Debt Type Months to Payoff
Credit Card Debt
Installment Debt
Consolidated Debt
Credit Card Debt Worksheet
Card Balance
Interest Rate
Monthly Payment
Card 1
Card 2
Card 3
Card 4
Card 5
Card 6
Total

Installment Debt Worksheet
Loan Balance
Interest Rate
Monthly Payment
Loan 1
Loan 2
Loan 3
Loan 4
Loan 5
Loan 6
Total

Debt consolidation loans allow consumers to transfer the account balances from multiple credit cards or installment loans into a single loan and to make a single monthly payment. For debt consolidation loans to be beneficial, the repayment period for paying off the consolidation loan should be shorter than what it would be for your existing debts without the loan. Secondly, the interest that you pay over the repayment period should be less than what you would pay with your existing repayment terms. In some cases, a debt consolidation loan may look attractive because it has a significantly lower monthly payment than what you are paying today, but it is likely the case that the lower payment is due to extending the repayment of the loan over a much longer repayment period.