Credit Card/LOC Debt Worksheet Card/LOC balance? $ Interest rate? % Monthly payment? $ Installment Debt Worksheet Loan balance? $ Interest rate? % Monthly payment? $ Consolidation Loan Loan term (months)? Interest rate? % Calculate payment? - Select -YesNo, use current Printer-friendly version Existing Debt Total Debt Monthly Payment Months to Pay Off Consolidation Loan Total Debt Monthly Payment Months to Pay Off Chart Table Months to Payoff Existing Debt vs Consolidated Loan Debt Type Months to Payoff Credit Card/LOC Debt Installment Debt Consolidated Debt Credit Card and Line of Credit Debt Worksheet Card/LOC Balance Interest Rate Monthly Payment Card/LOC 1 Card/LOC 2 Card/LOC 3 Card/LOC 4 Card/LOC 5 Card/LOC 6 Total Installment Debt Worksheet Loan Balance Interest Rate Monthly Payment Loan Balance Interest Rate Monthly Payment Loan 1 Loan 2 Loan 3 Loan 4 Loan 5 Loan 6 Total Email Results First Name Last Name Email Address Submit Debt consolidation loans allow businesses to transfer the account balances from credit cards, lines of credit or installment loans into a single loan and to make a single monthly payment. For debt consolidation loans to be beneficial, the repayment period for paying off the consolidation loan should be shorter than what it would be for your existing debts without the loan. Secondly, the interest that you pay over the repayment period should be less than what you would pay with your current repayment terms. In some cases, a debt consolidation loan may look attractive because it has a significantly lower monthly payment than what you are paying today, but it is likely the case that the lower payment is due to extending the repayment of the loan over a much longer repayment period.