Debt Consolidation Calculator

Description

💳 Debt Consolidation Calculator – Simplify Your Debt Repayment

The Debt Consolidation Calculator helps you evaluate whether combining multiple debts into a single loan or credit line will save you money and shorten your repayment time. It compares your current debts against a potential consolidation loan to show interest savings, monthly payment changes, and payoff timelines.

📘 What It Calculates:

• Total monthly payment before and after consolidation

• Interest savings over the life of the loan

• Time required to pay off debt under each option

• Comparison between multiple debts and a single loan

💡 Features:

• Works with credit cards, personal loans, and other debts

• Option to include consolidation loan fees

• Calculates break-even points and payoff dates

• Helps determine if consolidation is financially beneficial

👤 Who Should Use This:

• Individuals juggling multiple high-interest debts

• People looking to simplify payments into one monthly bill

• Borrowers considering a personal loan for debt repayment

• Financial advisors helping clients reduce debt costs

✅ Pro Tip: Debt consolidation can save you money if your new loan has a lower interest rate than your current debts — but watch out for hidden fees and longer repayment terms.

🔗 Related Tools You May Find Helpful:

• 💵 Loan Calculator – Estimate payments on a personal or consolidation loan.

• 📊 Debt Payoff Calculator – Plan how to eliminate multiple debts efficiently.

• 💳 Credit Card Payoff Calculator – See how long it will take to clear your balance.

• 📈 Savings Calculator – Track savings once debt payments are reduced.