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.
However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts.
This debt consolidation calculator is designed to help determine if debt consolidation is right for you.
Fill in the loan amounts, credit card balances and other outstanding debt.
One is to consolidate all their credit card payments onto one new credit card – which can be a good idea if the card charges little or no interest for a period of time – or utilize an existing credit card's balance transfer feature (especially if it's offering a special promotion on the transaction).
Home equity loans or home equity lines of credit are another form of consolidation sought by some people, as the interest on this type of loan is deductible for borrowers taxpayers who itemize their deductions.
You’ll not only have more options and solutions available to you, it will ease your stress and you may even sleep better (we find this is true with more than 60% of the people that we help).
A debt consolidation loan is when someone borrows money and then uses that money to pay off other debts.Our appointments are either in-person, in one of our offices, or over the phone; whatever is easier for you.The appointment doesn’t cost you anything, it’s completely confidential and without obligation.All examples are hypothetical and are for illustrative purposes.We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.There are also several consolidation options available from the federal government for those with student loans.