Value of consolidating credit card debt tool
By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you.This tool is for illustrative and educational purposes only and assumes excellent borrower credit history.You might find yourself in a predicament where no matter how hard you try, you just cannot cut expenses any further or earn more income.The only solution is to lower your monthly debt payments.Your Annual Percentage Rate (APR) will be based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history and amount of credit requested.Your actual APR will be determined when a credit decision is made and may be higher than the rates shown.
Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years.
By consolidating credit card debt with a personal loan, borrowers can pay off credit card debt in a fixed number of years and at potentially lower interest rates too.
See how much you could save with our Credit Card Consolidation Calculator below and check out our personal loan rates for consolidating credit cards.
Then see what the monthly payment would be with a consolidated loan.
Try adjusting the terms, loan types or rate until a consolidation plan fits your needs - and most importantly your budget!
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At least 5% of approved applicants qualified for this rate based on data from 01/01/17 to 03/31/17.