Value of consolidating credit card debt tool
With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan.Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years.Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances.At least 5% of approved applicants qualified for this rate based on data from 01/01/17 to 03/31/17.The interest rate is fixed for the life of the loan.
This tool is for illustrative and educational purposes only and assumes excellent borrower credit history.We sometimes earn a sales commission or advertising fee when recommending various products and services to you.Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns.Use this debt consolidation calculator to determine how quickly you could get out of debt and how much interest you might save.
If you are like many people who find themselves with too much debt, you may need to consider refinancing or consolidating your loans.
Most lenders we’ve partnered with offer a soft credit pull eligibility check, so you can review the interest rates you qualify for in just a few minutes.