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.If you see any loans that are secured, you should be wary of them.
When consolidating debts, work out how big a loan you will need and check the interest rate, as rates are usually tiered depending on how much you borrow.
As a general rule, rates are lower the more you borrow, but don’t forget the golden rule: never borrow more than you can afford to repay.
Advantages of debt consolidation loans: Indebtedness is a serious problem for many people across the UK.
According to a report by the Money Advice Service, around 8.3 million people in the UK struggle with problem debt.
Although your debts won't disappear, merging them into one personal loan could reduce your monthly outgoings and help you better manage your money – as long as you can afford the repayments.