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See whether rolling your debts into one consolidation loan saves money each month and over time.
We simulate paying minimums on each current debt month-by-month, then compare total interest to a single amortizing loan at the new rate and term.
Only if the new rate is lower than your blended current rate or the longer term significantly reduces stress. Watch for origination fees.
There's a temporary dip from the hard pull and the new account, but paying on time usually improves credit long-term.
That's the biggest risk. Don't consolidate unless you have a plan to stop adding new debt.
Debt snowball or avalanche without a new loan. Sometimes a 0% balance transfer beats a personal loan if you can pay it off before the promo ends.
Personal-loan interest is usually not deductible. There's no income tax on a consolidation loan itself.
Results are estimates for educational purposes only and are not financial advice. Verify with a qualified professional before making decisions.
Last updated October 2026