Question 1

What is debt consolidation?

Accepted Answer

It's combining several debts into one loan, ideally at a lower interest rate. You make a single monthly payment, which can simplify budgeting and reduce the total interest you pay.

Question 2

How much could consolidation save me?

Accepted Answer

It depends on the gap between your current rate and the new one, and the new term. The calculator compares the interest on your current debt with a consolidation loan and shows the estimated saving.

Question 3

Does a lower monthly payment always mean saving money?

Accepted Answer

Not necessarily. Stretching a loan over a longer term can lower the monthly payment while increasing total interest. Compare the total interest, not just the payment.

Question 4

When is consolidation not worth it?

Accepted Answer

If the new rate isn't meaningfully lower, or fees eat up the savings, consolidating may cost more. It also helps only if you avoid running the old balances back up.

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