Compare your current multiple debts with a single consolidation loan to see if you save money.
| Total Debt | — |
| Current Monthly Payments | — |
| New Consolidated EMI | — |
| Monthly Savings | — |
| Total Interest (Current) | — |
| Total Interest (Consolidated) | — |
Debt consolidation makes sense when: (1) The consolidation rate is lower than your average current rate, (2) You can reduce monthly payments, (3) You want a clear end date for becoming debt-free.
Q: Does debt consolidation affect credit score?
A: Applying for a consolidation loan creates a hard inquiry which may temporarily lower your score. However, consistently paying the new loan improves your score over time.
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