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Debt Article | Debt Consolidation

Debt Consolidation Calculator

When you’re having to deal with a lot of different debts, it can be tempting to consider a debt consolidation loan. However, you should make sure that the loan will actually help your finances in the longer term. Debt consolidation loans shouldn’t just offer you the advantage of having only one monthly bill, they should also save you money in the long run.

If you have a lot of outgoings, working out what the impact of a consolidation loan will be on your finances is no mean feat! It can be a major headache working out what you’ll pay over time as well as how long it’ll take, taking into account the various interest rates etc involved.


Debt Consolidation Calculators are designed to make this arduous task easier, by automating the calculations involved. To use one you will naturally need to have all of the relevant information to hand, but the calculator should do most of the hard work for you.

Worth it?

Bear in mind that the debt consolidation loan shouldn’t just make your monthly bills smaller, it should also reduce the total amount of debt that you pay back over the period of the loan. Check in case you’re going to end up paying back the debt over a longer period than your original debts also, which is not ideal.

Calulate my Debt


There are many consolidation loan calculators available online. However it’s probably best to choose one that isn’t on a site that’s trying to sell you a loan, as it may be less than clear about the results of the calculations. Instead choose one on an independent site that is clear and easy to use, giving you results that are easy to understand.


Many of the online tools will allow you to enter different amounts of information, however remember that the more detail you enter, the more accurate the calculation will be. When you’re entering in interest rate information, also remember to take into account the fact that the initial rate for your loan may only be for a certain period, so check what it rises to after that period has elapsed, and include this in the calculation.