You can scour the Internet and read ad nauseum about the benefits of debt consolidation loans but sometimes it is more effective to provide an example

Let’s say you have three credit cards each with a $7,500 balance and a 22.99% annual rate compounded monthly. You would need to pay $1,178 a month for 24 months to bring the balances to zero. This works out to $5,779 in interest alone.

Now let’s say you decide to consolidate those credit card into a lower-interest loan at an 11% annual rate compounded monthly. You would need to pay $1,049 a month for 24 months to bring the balances to zero. In this example a debt consolidation loan could save you $129 each month, or $3,096 over the life of the loan.

2 Year Debt Consolidation Loan

Loan Details Credit Cards (3) Consolidating
Interest % 22.99% 11%
Payments $1,178 $1,049
Term 24 months 24 months
Bills Paid/Month 3 1
Principal $22,500 $22,500
Interest $5,779 $2,668
Total $28,279 $25,168

Perhaps paying $1,049 is too high for your liking. Most debt consolidation loans are between 2 and five years. After reading the pros and cons of debt consolidation loans, if your goal is to lower your monthly payment as well consider a 3 year term and lower your monthly payment from $871 to $737, a monthly savings of $134 each month or $4,824 over the life of the loan.

3 Year Debt Consolidation Loan

Loan Details Credit Cards (3) Consolidating
Interest % 22.99% 11%
Payments $871 $737
Term 36 months 36 months
Bills Paid/Month 3 1
Principal $22,500 $22,500
Interest $8,851 $4,018
Total $31,351 $26,518

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