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).
There are a lot of companies looking to help you stay afloat, so be sure to compare them side-by-side and point-by-point.
A debt consolidation company will pay off all your outstanding debts, and you will no longer owe your creditors any money.
That’s a total monthly outlay of 7 at a minimum - ouch!
By consolidating, you may be able to replace your three monthly bills with one payment carrying a minimum monthly obligation of about 5 - 0.
A lower monthly payment means you'll be paying more interest in the long run.
In other words, you'll owe money longer and make your lender rich in the process.Similarly, consolidating can make your budget more manageable by lowering your minimum monthly payment.In the example above, let's say the three cards required minimum monthly payments of 9, 6, and .In some cases it might make sense to negotiate debt settlement on some specific debts before considering a broader debt consolidation program.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.Once you have entered everything you wish to consolidate, click on the "Calculate Current Debts" button.