Debt consolidation can simplify repayment, but only when the total cost and payoff plan improve.
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Compare offers using the same assumptions
| Factor | Why it matters |
|---|---|
| APR | Combines interest and many required fees into a more comparable annual cost |
| Origination fee | May be deducted before funds reach you |
| Term | A longer term can lower the payment while increasing total interest |
| Payment | Must fit the budget without relying on new revolving debt |
| Flexibility | Review prepayment rules, hardship options and funding timing |
Run the consolidation test
- Compare the new APR with the weighted cost of the debts being replaced.
- Add every fee to the total cost.
- Compare payoff dates—not only monthly payments.
- Make a plan to avoid rebuilding card balances.
Compare payoff strategies · Explore debt guidance
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