Will debt consolidation hurt my credit score?

Initially, your score might dip slightly due to the credit inquiry and new account. However, if you make payments on time and reduce your credit utilization, your score should improve over time.

What types of debt can be consolidated?

Most unsecured debts like credit cards, personal loans, and medical bills can be consolidated. Student loans and secured debts typically require different consolidation options.

How do I choose the right consolidation option?

Consider your credit score, the amount of debt, and your ability to make payments. Compare interest rates, fees, and terms from multiple lenders before deciding.

Debt Consolidation Calculator

Compare and analyze your debt consolidation options

Enter your current debts to see how consolidation could help you save money and simplify payments.

Debt Consolidation Calculator

Your Current Debts

Debt Name

Balance

Interest Rate (%)

Minimum Payment

Debt Name

Balance

Interest Rate (%)

Minimum Payment

Consolidation Loan Details

New Interest Rate (%)

Loan Term (years)

Loan Fees (% of loan amount)

Understanding Debt Consolidation

Benefits of Debt Consolidation

Lower interest rates and monthly payments
Simplified payment management
Potential to improve credit score

Common Consolidation Options

Personal Loans

6% - 36% APR

Balance Transfer Cards

0% - 5% APR

Home Equity Loans

4% - 8% APR

Debt Consolidation Strategies

Before Consolidating

• Compare interest rates carefully
• Check for any fees or penalties
• Consider your credit score impact

After Consolidating

• Stick to your payment schedule
• Avoid taking on new debt
• Monitor your credit score

Use our Debt Repayment Planner to create a personalized plan for managing your consolidated debt.