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If you take a loan with a three-year term, you know it will be paid off in three years — assuming you make your payments on time and manage your spending.
Conversely, making minimum payments on credit cards could mean months or years before they’re paid off, all while accruing more interest than the initial principal.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Debt consolidation rolls high-interest debts, such as credit card bills, into a single, lower-interest payment.
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The loan should be large enough to eliminate all the unsecured debt at one time.
The loan is repaid in monthly installments at an interest rate you negotiate with the lender.
For many people, consolidation reveals a light at the end of the tunnel.
Try a do-it-yourself debt payoff method instead, such as the debt snowball or debt avalanche.
If the total of your debts is more than half your income, and the calculator above reveals that debt consolidation is not your best option, you’re better off seeking debt relief than treading water.
Debt consolidation is a sensible solution for consumers overwhelmed by credit card debt. Consolidation cuts costs by lowering the interest rate on debts and reducing monthly payments.
Debt consolidation is a financial strategy, merging multiple bills into a single debt that is paid off by a loan or through a management program.