Should I consolidate my credit cards?

Debt consolidation allows a borrower to combine payments to various creditors into a single loan, hopefully at a favorable interest rate. In this case, all the other creditors are assumed to be credit card companies.

Based on the desired number of months in a repayment plan, the calculator shows the monthly payment, savings in interest expense and fees, and total cost. You may also input the desired monthly payment and the calculator will show you the numbers of months it will take to pay off the debt. Total cost is discounted to present value, which is the value of a payment, or series of payments, in today's dollars.

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Credit card ratings: Editors from rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another.

The ratings are the expert opinion of the editors from, and not influenced by any remuneration their website may receive from card issuers.

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