Credit Card Debt Worksheet Card 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 Current Debt Total Debt Monthly Payment Months to Pay Off Consolidation Loan Total Debt Monthly Payment Months to Pay Off Chart TableMonths to Payoff Existing Debt vs Consolidated LoanDebt TypeMonths to PayoffCredit Card DebtInstallment DebtConsolidated Debt Credit Card Debt WorksheetCard BalanceInterest RateMonthly PaymentCard 1Card 2Card 3Card 4Card 5Card 6Total Installment Debt WorksheetLoan BalanceInterest RateMonthly PaymentLoan 1Loan 2Loan 3Loan 4Loan 5Loan 6Total Email Results First Name Last Name Email Address Phone Number Submit Debt consolidation loans allow consumers to transfer the account balances from multiple credit cards 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 existing 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.