Does a consolidation loan always save money?

No. A lower rate saves interest, but stretching the debt over more years can cost more in total. Fees add to the cost too. Compare the total, not only the monthly payment.

What is the annual percentage rate (APR)?

The yearly cost of the credit, including interest on interest and most fees. Every lender must work it out the same way by law, so loans can be compared.

Money

Should I combine my debts into one loan?

What you pay now against one loan to clear them all: the monthly payment, total interest and fees, and the share of your take-home pay.

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Common questions

Does a consolidation loan always save money?: No. A lower rate saves interest, but stretching the debt over more years can cost more in total. Fees add to the cost too. Compare the total, not only the monthly payment.
What is the annual percentage rate (APR)?: The yearly cost of the credit, including interest on interest and most fees. Every lender must work it out the same way by law, so loans can be compared.

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