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Anyone who has taken out several different loans from separate lenders that is having trouble paying their bills each month will benefit from a well-designed consolidation plan.
Obviously, if you keep incurring late fees and penalties as you scurry to make ends meet every month, you need a better plan.
IMPORTANT: In order for the this calculator to work, each obligation must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the APR entry requirement).
Debt consolidation allows people who are struggling with their finances to group their obligations into a single payment.
So don’t think that you can start racking up new debts.
It's no secret that most people who are awash in debt typically have poor credit, so high rates and fees may do them in slowly.
As you can see, this is considerably less daunting.
However, this financial breathing room comes with a price.
This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.
Starting with the first line of entry fields, enter each of your obligations, along with their corresponding principal balances, APR and monthly payment amounts (the last two columns are automatically filled in by the calculator).
Consolidation is not a magic bullet that gets you out of hot water or causes your creditors to disappear.