Our debt consolidation calculator shows how much you might be able to save by combining debts into one low-interest monthly payment. Debts to consider consolidating include credit cards, auto, medical debt, personal loans and more.
Question answer section
Benefits: Using your equity to pay down debt can eliminate stress and worry and put you on a solid path to financial freedom on your own terms. Plus, you'll enjoy the stability of one fixed monthly payment at a fixed interest rate that's probably much lower than what you're currently paying to multiple creditors. With multiple term options, you can choose to save more or save less in interest based on the monthly payment you can afford.
Considerations: The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments. You will realize interest payment savings when you make monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what you previously paid towards the higher rate debt(s) being consolidated. Keep in mind, though, while your monthly payments will be lower, in the long term you may pay more interest if the debt is extended over a longer period of time.
Note: No Discover Financial accounts may be paid off with this debt consolidation.
Note: Information and interactive calculators are made available as self-help tools for your independent use and are intended for educational purposes only. Any results are estimates and we do not guarantee their applicability or accuracy to your specific circumstances.
The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments. You will realize interest payment savings when you make monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what you previously paid towards the higher rate debt(s) being consolidated. Keep in mind, though, while your monthly payments will be lower, in the long term you may pay more interest if the debt is extended over a longer period of time. Note: No Discover loans may be paid off with this debt consolidation.
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