Start How much can consolidating bills save

How much can consolidating bills save

So what do you do So if you are considering debt consolidation, avoid the traps.

If however you are consolidating unpaid bills, lines of credit and a host of other debts, your lender may view you as a high risk.

The rate you can pay on some debt consolidation loans can be quite exorbitant.

Debt consolidation is a simple enough concept: You get one loan to pay off two or more other debts. A common example would be taking the balances you owe on three credit cards and consolidating them into a new bank loan. Two obvious reasons: a lower interest rate, and a simpler life now that you only have one monthly payment.

This calculator provides an estimate/illustration only and is based on the accuracy of the limited financial information provided by you.

A traditional lender may not be willing to approve your consolidation loan, especially if you don’t have collateral (like your house or car) to offer.

Even if you can get a loan, the payments may be more than you can afford, making it hard to make ends meet without taking on even more credit.

Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.