Enter the total you owe, the average rate and what you pay now. Then enter the consolidation loan offer to see the new monthly payment and whether you really save.
Interest saved
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Consolidation replaces several debts with one loan. It saves money when the new rate is clearly lower and the term is not much longer; a lower payment over a longer time can still cost more in total.
The calculator plays out your current debts at your current payment until they are cleared, then compares that interest with the new loan's interest plus its fee.
Applying causes a small, temporary dip. Paying the new loan on time and keeping card balances low usually improves your score over time.
If you run up the cards again after consolidating, you end up with more debt. Fees and longer terms can also wipe out the saving — check the total cost, not only the payment.