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Debt Consolidation Savings Calculator

Saturday, January 29th

Debt Consolidation Savings Calculator

You may have heard about Debt Consolidation. In today's economic times, it seems like many people are trying to take out a loan, or consolidate the ones they have. But what is debt consolidation really? And how can it save you money?

What is debt consolidation?

Simply put, debt consolidation involves a loan you take out in order to pay off your unsecured bills, such as credit cards. It may seem strange to think, in order to pay off your loans sooner, you'll take out another loan - but it really can work! Let's examine how.

Loan Savings Calculator

To show you how much money you could save with debt consolidation, we've put together a simple calculator. In our initial example, This person has:

  • A total credit card balance of $40,000
  • An loan Annual Percentage Rate (APR) of 21.9%
  • Monthly payments of $850

You can see that with a consolidated loan of 13.9%, they will save more than $30,000 over the life of their loan! Feel free to change the values to match your financial situation.

LOAN SAVINGS CALCULATOR

Time Saved:

Money Saved:

How can a debt consolidation company save you money?

Specifically, a Debt Consolidation Company can help save you money by:

  • Giving you a consolidated loan with a lower interest rate than your current credit card companies
  • Giving you a lower payment each month
  • Reducing the time you'll spend paying off your loans

Nothing to lose

Of course, your actual savings will be dependent on your financial condition and the quality of the debt consolidation company you choose to work with. Since most reputable companies have a free initial consultation, you really have nothing to lose!

The Best Debt Consolidation Companies Compare Debt Consolidation Companies Compare Debt Consolidation Company Reviews What are the best Debt Consolidation Companies Best Debt Consolidation Company Reviews

Debt Consolidation Company FAQ

Debt consolidation is a strategy used to help consumers get control over high-interest debt and simplify their monthly payments. Instead of having multiple credit card bills and other accounts to pay, often with extremely high interest rates, debt consolidation reduces those individual debts into a single payment each month.
You may need to have a certain amount of unsecured debt to be accepted into a debt consolidation program (for example, $7,500 or more). If you're struggling to keep up with the minimum payments on your credit cards and loans, you could be a great candidate for debt consolidation.
That depends on the service, but yes: most debt consolidation programs give you a loan to pay off all of your outstanding debts. These loans usually have much lower interest rates and can help you get on top of your financial situation again.
Sure! You could try getting a traditional loan from your bank or credit union, borrow money from friends or family to pay off debts, or work on your side hustle to make extra cash to pay down what you owe. But, chances are good that you've tried that already and still find yourself struggling financially. Debt consolidation could help you handle it once and for all.
It should. One of the biggest black marks on your credit score is having late or missed payments, and consolidating all of your debt into one monthly payment makes it more likely you'll pay on time.
That varies. Some providers don't charge anything for their services, offering counseling and other tools to teach you how to manage your money and pay down your debts. Or, if you're taking out a loan to pay off higher-interest accounts, your fees will include your interest and any other charges associated with your application. Be sure to get your plan in writing before you make a commitment, so that you'll know what to expect.
Most of the time, no. If you take out a debt consolidation loan, it's on you to understand all of the terms and conditions before you sign off. However, there are a few fee-based services that do offer a 100% satisfaction guarantee that allows you to cancel without penalty.
Absolutely. Thousands of people use debt consolidation programs every year to tackle their toughest credit problems. It's a good idea to check out the reputation of any program you're considering: find out what other clients say about their experiences, see if the BBB has rated the company, and determine for yourself if their debt consolidation services are worth your time and (possibly) money.

Compare Debt Consolidation Companies

Select any 2 Debt Consolidation Companies to compare them head to head

best-debt-consolidation-companies
  • National Debt Relief
  • Credit.org
  • Upstart
  • Curadebt
  • Liberty Lending
  • LendingTree
  • SoFi
  • SuperMoney
  • LendingClub
  • Payoff
  • American Debt Enders
  • Debt Consolidation Care
National Debt Relief vs Credit.org National Debt Relief vs Upstart National Debt Relief vs Curadebt National Debt Relief vs Liberty Lending National Debt Relief vs LendingTree National Debt Relief vs SoFi National Debt Relief vs SuperMoney National Debt Relief vs LendingClub National Debt Relief vs Payoff National Debt Relief vs American Debt Enders National Debt Relief vs Debt Consolidation Care Credit.org vs Upstart Credit.org vs Curadebt Credit.org vs Liberty Lending Credit.org vs LendingTree Credit.org vs SoFi Credit.org vs SuperMoney Credit.org vs LendingClub Credit.org vs Payoff Credit.org vs American Debt Enders Credit.org vs Debt Consolidation Care Upstart vs Curadebt Upstart vs Liberty Lending Upstart vs LendingTree Upstart vs SoFi Upstart vs SuperMoney Upstart vs LendingClub Upstart vs Payoff Upstart vs American Debt Enders Upstart vs Debt Consolidation Care Curadebt vs Liberty Lending Curadebt vs LendingTree Curadebt vs SoFi Curadebt vs SuperMoney Curadebt vs LendingClub Curadebt vs Payoff Curadebt vs American Debt Enders Curadebt vs Debt Consolidation Care Liberty Lending vs LendingTree Liberty Lending vs SoFi Liberty Lending vs SuperMoney Liberty Lending vs LendingClub Liberty Lending vs Payoff Liberty Lending vs American Debt Enders Liberty Lending vs Debt Consolidation Care LendingTree vs SoFi LendingTree vs SuperMoney LendingTree vs LendingClub LendingTree vs Payoff LendingTree vs American Debt Enders LendingTree vs Debt Consolidation Care SoFi vs SuperMoney SoFi vs LendingClub SoFi vs Payoff SoFi vs American Debt Enders SoFi vs Debt Consolidation Care SuperMoney vs LendingClub SuperMoney vs Payoff SuperMoney vs American Debt Enders SuperMoney vs Debt Consolidation Care LendingClub vs Payoff LendingClub vs American Debt Enders LendingClub vs Debt Consolidation Care Payoff vs American Debt Enders Payoff vs Debt Consolidation Care American Debt Enders vs Debt Consolidation Care
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