Creating a budget and starting a savings habit are small steps that could build a stronger financial future.If you don’t have an immediate need for cash, work on building your credit score. This debt consolidation calculator is designed to help determine if debt consolidation is right for you.Fill in the loan amounts, credit card balances and other outstanding debt.Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit.If you can’t qualify for a loan through a reputable lender, don’t head for a payday lender. For borrowers with good credit, a balance transfer credit card is an alternative to a debt consolidation loan.The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.Debt consolidation is only one of several strategies for paying off debt.
The amount of credit card debt you can transfer is typically up to ,000.
Other options for borrowers with bad credit include secured or co-sign personal loans.
Some lenders say they have no minimum credit score requirements, but that does not mean they don’t check your credit report.
Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.
Compare loans for debt consolidation and learn about your options for consolidating debt.
A personal loan offers some advantages over balance transfer cards.