When the typical debt consolidation company advertises that they can "save you money," what they are most often referring to is simply a reduction in your total monthly debt payments -- not a savings in the cost of paying off your debt (interest charges). Sure, by consolidating your payments into a single loan, you might be paying one monthly payment that is smaller than the sum of your current monthly payments, but if they stretch your loan out for a longer period of time you could actually end up paying more interest by consolidating. This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.

Instructions: Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and monthly payment amounts (the last two columns will be filled in by the calculator). Once you have entered all of the debts you wish to consolidate, click on the "Compute Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Compute Consolidation Loan Costs" button.

IMPORTANT: In order for the this calculator to work, each debt must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the required interest-rate entry). Also, be sure to enter only numbers and decimal points in the numeric entry fields. Dollar signs, percent signs, commas and spaces will cause a JavaScript error.

Using a debt consolidation calculator can help you figure out how much you can save by consolidating your debts and if it would be worthwhile to consolidate your debt.

Our Recommended Debt Consolidation Companies Online:

Our Recommended Debt Consolidation Companies:

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Helpful Tips:

Apply with more than one company to compare offers.
Study your options before committing to a debt program.
Cut out small luxuries to pay down debt at the beginning of your debt reduction program.

Debt consolidation companies vary in what types of consolidating solutions they offer. There are debt counseling companies, debt settlement and negotiation companies and debt management companies.

Debt Counseling - Debt counseling companies offer, usually, non-profit services to help you reduce the amount you owe on your debts. However this service may hurt your credit ranking. Talk to the company and find out if what they do will affect your credit ranking.

Debt settlement and negotiation - This is a process where a company will negotiate a lower payment or lower amount owed to the lender, on your behalf. Sometimes this can hurt your credit also. Debt settlement companies vary in their techniques. Before you choose a company, make sure you read through some reviews about that company before you start.

Debt Consolidation - Debt consolidation is where you take out a new loan in order to consolidate and pay off all existing debt. This usually lowers your overall payments and reduces the amount your paying every month. Not only does debt consolidation not hurt your credit, but it can actually help it.

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