Debt consolidation calculator
Compare consolidation options and see how much you could save by combining your debts into one lower-interest payment.
Current Debts
Enter each balance, its rate and the minimum payment.
- Total balance
- $16,000
- Total minimum payment
- $440
- Weighted average rate
- 17.81%
Consolidation Options
Pick an option to compare it against your current plan.
Comparison Results
Current plan
- Monthly payment
- $440
- Payoff time
- 4y 10m
- Total interest
- $7,439
- Total cost
- $23,439
Consolidation plan
- Monthly payment
- $348
- Payoff time
- 5y 0m
- Total interest
- $4,868
- Total cost
- $21,368
Your potential savings
- Monthly
- $92
- Interest
- $2,571
- Total
- $2,071
Consolidation could save you money.
Next Steps
Check your credit score
Your credit score affects the rates you'll qualify for
Shop around for rates
Compare offers from multiple lenders
Read the fine print
Understand all fees and terms before signing
Avoid new debt
Don't run up balances on paid-off cards
Warren provides educational information, not individualized financial, tax or legal advice. Read our disclaimers.
Understanding debt consolidation
Enter your current debts and compare different consolidation options. See potential savings in monthly payments, interest, and total cost.
When Consolidation Makes Sense
- You qualify for a lower interest rate
- You want to simplify payments
- You need lower monthly payments
- You have good credit
Types of Consolidation
- Personal loans
- Balance transfer credit cards
- Home equity loans/HELOC
- Debt management plans
Potential Drawbacks
- May extend repayment period
- Fees and closing costs
- Risk of accumulating new debt
- May require collateral
Before You Consolidate
- Calculate total costs carefully
- Consider debt avalanche method
- Address spending habits
- Build an emergency fund
By the numbers
What the data says
- February 2026
21.52%
Average interest rate on credit card accounts that carry a balance
Commercial bank cards assessed interest
Source: Federal Reserve, G.19 Consumer Credit - Q2 2025
4.4%
Share of all household debt in some stage of delinquency
Source: Federal Reserve Bank of New York, Household Debt and Credit Report - Q2 2025
$1.21 trillion
Outstanding credit card balances in the US
5.9% higher than a year earlier
Source: Federal Reserve Bank of New York, Household Debt and Credit Report
National figures from the sources shown, as of the period on each card. They are context, not a forecast or advice for your situation.
Need help choosing the right option?
Warren can look at your complete financial picture and recommend the best debt elimination strategy for your situation, including consolidation alternatives.