💳 How much would you save consolidating credit card debt?
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💳 Debt & Payment Plan
When you are juggling multiple expensive credit cards, a consolidation loan looks like a lifeline. But how much does it actually save? One r/personalfinance user earning $125,000 faced this exact choice: keep chipping away at $16,520 across six cards charging between 24% and 30%, or take a credit union loan at 17.7% over 60 months.
This calculator shows you the true math. To get an accurate comparison, we assume you keep paying the same monthly amount toward your debt whether you consolidate or not.
🤝 Consolidation Loan
A lower interest rate means more of your payment goes toward the principal, allowing you to finish faster. But beware: the biggest behavioral trap of consolidation is treating the newly cleared credit cards as an excuse to rack up more debt.
Enter your loan offer below. We ask for the term just to make sure your planned payment covers the minimum required by the lender.
🔗 See Also
For further related reading, check out:
📊 Results
Applied Payment
Card Payoff (Mos)
39
Loan Payoff (Mos)
33
Action
Consolidate
Total Saved
Calculator updated by heyfinfam (v26.9.0) · View history
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