Debt Consolidation Calculator
A debt consolidation calculator may be able to help you determine whether consolidating all your debts is the right course of action or not.
There are pros and cons to consolidating debt so be sure to do your due diligence before making a decision.
Losing debt is like losing weight. You have to be consistent and committed to the process of lowering your debt and keeping your debt load under control. That is the key to long-term success. Failing to maintain a committment to debt reduction usually results in even more ballooning debt, following the same yo-yo patterns as weight loss.
This debt consolidation calculator can be helpful in showing you whether at least one of the following will occur in your situation:
- either your total monthly payment has to decrease, or
- the net amount of interest being paid has to decrease, or
- the actual total debt has to be reduced as a result of the consolidation.
Here are a few options for consolidating debt:
Home Equity Loans
Home Equity Line of Credit
Zero Percent Credit Cards
Our "Debt Consolidation Calculator" is just one of many free online finance calculators. Find them all here.