Compare combining multiple debts into a single consolidation loan versus paying them separately.
See if consolidating your debts into a single loan could save you money with our free debt consolidation calculator, comparing your current combined payments against a new consolidated option.
This calculator sums your current debts' monthly payments and total interest, then compares that against a single new loan (at a potentially different rate and term) that pays off all existing debts at once.
Not always, it depends on whether the new loan's rate is meaningfully lower than your current average rate, and whether the new term extends your payoff timeline.
Common candidates include credit card debt, personal loans, and other unsecured debts; some consolidation options are specific to certain debt types.
Applying for a new loan can cause a temporary small dip from the credit inquiry, but consolidation can help long-term if it leads to more consistent, on-time payments.
Consolidation combines debts into one new loan paid in full; settlement involves negotiating to pay less than owed, which can significantly impact your credit score.