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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