Debt Consolidation Calculator
Enter your existing debts and a proposed consolidation loan to see whether you save on monthly payments and total interest.
Your current debts
Consolidation loan
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Spreading debt over a longer term can increase total interest even if the monthly payment falls. Always check the total amount repayable before consolidating.
Results are estimates only and do not constitute financial advice. Actual rates depend on your credit profile.
Consolidation scenarios
Click any row to load that scenario into the calculator above.
| Total debt | Avg APR | Consolidation rate | Monthly saving | Interest saving |
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How debt consolidation works
A consolidation loan replaces multiple debts — credit cards, overdrafts, personal loans — with a single loan at (ideally) a lower rate. You make one fixed monthly payment instead of juggling several.
The key is to compare total interest paid over the full term, not just the monthly payment. A lower monthly payment over a much longer term can actually cost you more in total.
After consolidating, avoid running up new debt on the cards you've just cleared — that's where many people end up worse off.
Frequently asked questions
Applying for a consolidation loan triggers a hard credit search, which can temporarily dip your score by a few points. Over time, if you keep up repayments and reduce utilisation, your score should recover and improve.
A balance transfer card moves credit card balances to a new card, often at 0% for an introductory period (usually 12–30 months). A consolidation loan combines any type of debt at a fixed rate over a longer term. Cards suit smaller balances you can clear quickly; loans suit larger or mixed debts.
A small rate reduction can still save meaningful money on large balances. But if the consolidation term is much longer than your current debts, total interest can exceed what you'd pay staying put. Use this calculator to compare total interest, not just monthly payments.