See if consolidating your debts into a single loan saves money. Compare current payments vs a consolidation loan in terms of interest, time, and monthly payment.
Current Debts
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🏦 Consolidation Loan
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FAQ
What is debt consolidation?
Debt consolidation combines multiple debts into a single loan with one monthly payment, ideally at a lower interest rate. It simplifies payments and can save significant interest if the new rate is lower than your average current rate.
Is debt consolidation worth it?
It's worth it if: (1) the new rate is lower than current average, (2) you won't accumulate new debt on the paid-off cards, and (3) the loan fees don't erase interest savings. Check the break-even point.
Will debt consolidation hurt my credit score?
Applying causes a temporary dip from the hard inquiry. However, paying off revolving credit cards reduces your credit utilization ratio, which typically improves your score over time.
What are my debt consolidation options?
Options include: personal loans (banks/credit unions/online lenders), balance transfer credit cards (0% intro APR), home equity loans (HELOC — lower rates but uses home as collateral), and 401(k) loans (risky — avoid if possible).