Consolidating payments

This personal debt consolidation calculator is designed to help determine whether debt consolidation is right, in which case personal loans could be worth exploring.Enter the credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category.By consolidating debt into one payment, the debt relief company will pay off your existing creditors, and you'll make just one payment each month.A solid, reputable company will offer multiple bill consolidation plans and share the features, benefits, and risks of each with you.All examples are hypothetical and are for illustrative purposes.We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.

When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.Another option is to seek the help of a debt relief company.Through a bill consolidation plan, the company will work with you to consolidate all debt into one payment every month.

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