Debt Consolidation Calculator

Just found this cool resource. It’s basically just a debt calculator, but it can work great to see if debt consolidation is a good solution. It’s at http://moneycentral.msn.com/investor/calcs/n_debt/main.asp.

Debt consolidation is not a magic solution; it doesn’t work for everybody. In fact, it probably won’t work for the majority of people with big debt. But it does work for some and if it’s the right solution, it works better than just about anything else.

 This calculator can help you see what kind of results you might get if you gathered all your debts together and paid them off at a particular interest rate. The lower the interest rate, the better. But you won’t qualify for low interest rates unless you have pretty decent credit.