Debt Consolidation Calculator Current Debt Balance Transfer Personal Loan Debt Management Plan ...
Debt Consolidation Calculator
Current Debt Summary
Credit Card 1 Balance ($)
Credit Card 1 Rate (%)
Credit Card 2 Balance ($)
Credit Card 2 Rate (%)
Other Debt Balance ($)
Other Debt Rate (%)
Balance Transfer
Total Debt to Transfer ($)
Current Average Rate (%)
Balance Transfer Rate (%)
Intro Period (Months)
Balance Transfer Fee (%)
Personal Loan Consolidation
Total Debt Amount ($)
Current Average Rate (%)
Consolidation Loan Rate (%)
Loan Term (Months)
Origination Fee (%)
Debt Management Plan (DMP)
Total Unsecured Debt ($)
Current Average Rate (%)
Negotiated DMP Rate (%)
Monthly DMP Payment ($)
DMP Setup Fee ($)
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Debt Breakdown
Understanding Debt Consolidation Options
Debt consolidation can be a powerful strategy to simplify payments, reduce interest costs, and pay off debt faster. However, not all consolidation methods are created equal, and choosing the right option depends on your credit score, debt amount, and financial goals.
Balance transfer cards offer 0% introductory rates but require good to excellent credit and have short promotional periods. Personal loans provide fixed rates and terms, making budgeting predictable. Debt Management Plans (DMPs) work through credit counseling agencies to negotiate lower rates with creditors, ideal for those with fair to poor credit.
Use this calculator to compare your current debt situation with different consolidation strategies and choose the option that will save you the most money while fitting your financial circumstances.
Frequently Asked Questions
A: Most balance transfer cards require good to excellent credit (670+ FICO score). The best 0% offers typically go to those with scores of 740 or higher. If your credit is below 670, you may want to consider a personal loan or debt management plan instead.
A: Balance transfer fees are typically 3-5% of the amount transferred and are added to your new credit card balance. For example, transferring $10,000 with a 3% fee would result in a $10,300 balance. Always factor this fee into your calculations when comparing consolidation options.
A: Origination fees (typically 1-10% of the loan amount) reduce your actual funding but may be worth it if the lower interest rate saves you more money over the loan term. Always compare the total cost including fees, not just the interest rate.
A: Initially, a DMP may cause a slight decrease in your credit score because you close your credit accounts. However, as you make consistent payments and reduce your debt-to-income ratio, your score typically improves over time. DMPs don't appear as negative items on your credit report like debt settlement does.
A: These consolidation methods are designed for unsecured debt like credit cards and personal loans. Federal student loans have their own consolidation programs with different rules and benefits. Private student loans may be eligible for personal loan consolidation, but you'll lose any existing borrower protections.
A: Debt consolidation combines multiple debts into one payment with a lower interest rate, allowing you to pay the full amount owed. Debt settlement involves negotiating with creditors to pay less than what you owe (typically 40-60% of the balance), but it severely damages your credit score and may have tax implications.
A: Consider your credit score, total debt amount, ability to make monthly payments, and how quickly you want to be debt-free. Balance transfers work best for good credit and smaller debts that can be paid during the 0% period. Personal loans are ideal for predictable payments over 2-5 years. DMPs are best for those with fair/poor credit who need creditor cooperation and structured payment plans.