Will consolidating my debt into a new loan be beneficial?
Depending on your situation, it may make sense to consolidate your credit card and other personal debt into a new loan, typically a home equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Determine how quickly you could get out of debt and your overall interest savings with this calculator.
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.
