Are you looking for ways to make your loan payments more manageable? Debt consolidation may be the right decision for you.
Debt consolidation loans take the balances from multiple credit cards and put them into a single loan, leaving you with only one monthly payment to make. While it may sound like a simple solution, for this to be beneficial, the repayment period for paying of the consolidation loan must be shorter than what it would be for your existing debts. In most cases, a debt consolidation loan may look like the best route; however, it’s important to understand the impact on your full financial picture.
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.