See how much you could save by combining your debts into one lower payment.
You could save
$39
/month
Total Interest
$3,733
saved
New Monthly Payment
$164
vs $125 now
Months to Payoff
36
vs 77 months now
| Debt | Balance | Rate | Payment |
|---|---|---|---|
| Credit Card | $5,000 | 22.99% | $125 |
| Total (Current) | $5,000 | — | $125 |
| Consolidated Loan | $5,000 | 10.99% | $164 |
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Debt consolidation combines multiple debts — credit cards, medical bills, personal loans — into a single loan with one monthly payment. Instead of juggling several accounts with different due dates and interest rates, you make one payment at a potentially lower rate.
The goal is simple: reduce your total interest charges and get a clear payoff timeline. If your current debts carry high interest rates (credit cards average around 22–24% APR), consolidating into a personal loan at 8–15% can save thousands over the life of your debt.
Ready to learn more? Read our complete guide on or explore all .
Debt consolidation makes sense when you have multiple high-interest debts and can qualify for a lower rate. It's especially effective if you're paying more than 15% APR on credit cards and can consolidate at under 12%. The bigger the rate difference, the more you save.
It may not be the best fit if your credit score is too low to qualify for a better rate, if your total debt is very small (under $2,000), or if you're struggling to make even minimum payments — in those cases, a debt management plan or speaking with a nonprofit credit counselor might be a better first step.
Use the calculator above to see your specific numbers. If the savings look meaningful, take the next step and compare actual rates from lenders — it takes just 2 minutes and won't affect your credit score.
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