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Best Debt Consolidation Loans of 2024

Review Updated
Dana George
Ben Gran
By: Dana George
Dana George
Dana George
Writer

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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 and  Ben Gran
Ben Gran
Ben Gran

Ben Gran is a freelance writer based in Des Moines, Iowa. He has written for regional banks, fintechs, and major financial services companies. Ben is a graduate of Rice University.

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Our Loans Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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If you're struggling to keep up with your bills, or if you want to find an easier way to pay off credit card debt, debt consolidation loans can help. With debt consolidation loans, you can combine multiple debt payments into one -- which may help you get out of debt faster and more cheaply.

Compare your personalized rates

Looking for a personal loan with a low interest rate? It's important to compare rates you could get, not just average rates. Click below to check what rates you could prequalify for across multiple lenders:

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Our picks: Top 5 best debt consolidation loans

As of Oct. 01, 2024
Lending Partner Min. Credit Score Loan Amounts Apr Range Next Steps
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SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 680 Loan Amounts: $5,000 - $100,000 APR Range: Fixed: 8.99%-29.99% APR (with all discounts)
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LightStream
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4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 660 Loan Amounts: $5,000 - $100,000 APR Range: 7.99%-24.29% (w/ AutoPay)*
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Upgrade
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4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 580 Loan Amounts: $1,000 - $50,000 APR Range: 9.99%- 35.99% APR
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LendingClub
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4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 600 Loan Amounts: $1,000 - $40,000 APR Range: 9.57% - 36.00%
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Rocket Loans
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4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 640 Loan Amounts: $2,000 to $45,000; min. $5,001 in Ohio APR Range: 9.116% to 29.99%
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Disclaimers

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12.  Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

*SoFi Personal Loan Disclaimer

Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.

SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/24 and are subject to change without notice.Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual ratewill be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.


Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.


Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

How to choose a debt consolidation loan

Look for these factors when comparing debt consolidation loans:

  • A low APR. This number does the math for you: It combines the major costs of a loan (interest rate, origination fee, and term) into one simple number. The lower this number is, the better.
  • No prepayment penalties. Some lenders charge a fee if you pay a loan off early. Look for a lender that doesn't charge this fee.
  • A short repayment term. The repayment term is how long you have to pay back the loan. This determines your monthly payment -- and how much you'll be charged in interest. Look for the shortest term you can afford.
Ratings Methodology
Award Icon 2024 Award Winner

SoFi Personal Loans

Great for: Low APR for borrowers with high income

Apply Now for SoFi Personal Loans
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5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Apply Now for SoFi Personal Loans
Minimum Credit Score
680
Loan Amounts
$5,000 - $100,000
APR Range
Fixed: 8.99%-29.99% APR (with all discounts)
Term Length
24 - 84 months

We find that SoFi stands out in the personal loan landscape by offering competitive interest rates and a generous loan limit of up to $100,000. By opening a SoFi checking or savings account and setting up auto-pay, you can enjoy a 0.25% rate reduction, which can be stacked for a total of 0.5% if you do both. Plus, there are no origination fees, late fees, or prepayment penalties, and you can benefit from same-day funding for added convenience.

  • Competitive interest rates
  • No fees or prepayment penalty
  • High maximum loan limit
  • Same-day funding available
  • High minimum loan amount
  • High minimum credit score
  • No in-person support
Read Full Review

Highlights

  • Flexible: Can qualify without a long credit history
  • Low fees: No origination fee or prepayment penalty

Why SoFi made the list

SoFi offers some pretty attractive benefits, including loan amounts from $5,000 to $100,000. Unlike many lenders, SoFi charges no origination fee or prepayment penalty. This lender requires a good credit score of 680 or higher, but you can bring a co-borrower if you don't qualify on your own. The lender also considers alternative sources to determine creditworthiness for borrowers who haven't had time to build a long credit history.

Requirements

  • Be at least 18 years old
  • Be a U.S. citizen, permanent resident, or non-permanent resident alien
  • Have an income, either from employment or other sources. Applicants with an offer of employment scheduled to start within 90 days will also be considered.

LightStream

Great for: Borrowers with good credit

Apply Now for LightStream
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Minimum Credit Score
660
Loan Amounts
$5,000 - $100,000
APR Range
7.99%-24.29% (w/ AutoPay)*
Term Length
24-144 months (varies by loan purpose)

LightStream offers the lowest rates on personal loans, hands down, and high loan limits. Also, LightStream doesn't charge fees. All in all, this is one of the most competitive personal loan lenders you'll come across. The catch is that LightStream has stricter borrowing requirements than some other lenders.

  • One of the lowest APRs in the industry
  • No fees or prepayment penalty
  • Low-rate guarantee
  • Same-day funding available
  • High maximum loan amount
  • High maximum interest rate
  • High minimum credit score
  • No pre-approval for personal loans
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Highlights

  • Affordable: LightStream loans cost less than most because it doesn't charge origination fees.
  • Supports co-applicants: Applying with someone else? LightStream lets you bring a co-applicant.

Why LightStream made the list

If you're looking to consolidate debt but still have a (fairly) healthy credit score, LightStream could be a good choice. LightStream personal loans are available from $5,000 to $100,000, with no origination fees or prepayment penalties. Loan terms ranging from 24 to 48 months allow you some control over your monthly payment amount.

Although you'll likely need a credit score of 660 or greater, LightStream allows co-applicants, which can be good news for borrowers with a lower FICO® Score. If you've been approved for a personal loan by another lender, LightStream will beat that lender's rate by 0.1%.

Requirements

  • Have a Social Security number
  • Have a clear plan for what you want to do with the borrowed funds
  • Provide evidence of any available assets
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Upgrade

Great for: Debt consolidation and fair credit

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Minimum Credit Score
580
Loan Amounts
$1,000 - $50,000
APR Range
9.99%- 35.99% APR
Term Length
24 - 84 months

Upgrade is a solid choice for those seeking flexible loans with a high maximum loan amount, long repayment terms, and secured and unsecured options. We love that you can access funding quickly—often in just one day. While there’s an origination fee, you won’t face a prepayment penalty. Additionally, even though Upgrade's APR is higher than others, you can score better rates by using some of the funds to pay off other debt or offering collateral.

  • Allows borrowers with poor credit to get approved
  • No prepayment fees
  • Multiple discounts
  • Low minimum loan amount
  • Wide variation in origination fees
  • High interest rates
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Highlights

  • Repayment terms: Upgrade offers one of the longest repayment terms in the industry
  • Small loan amounts: Borrowers can take out a loan of as little as $1,000

Why Upgrade made the list

Upgrade provides personal loans as small as $1,000 or as large as $50,000 to qualified applicants. And your credit score won't be affected just for applying (Upgrade only performs a hard credit inquiry is when you receive a loan).

Funds from Upgrade hit a borrower's bank account within four days (often sooner). Loan terms stretch from two to seven years, giving you more control over the size of your monthly payment.

Requirements

  • Have a credit score of at least 580
  • Be 18 or 19 years of age, depending on the state in which the applicant lives
  • Be a U.S. citizen, permanent resident, or hold an immigration visa
  • Have a Social Security number of passport
  • Provide evidence of U.S. bank account

LendingClub

Great for: Low APR for borrowers with good to excellent credit scores

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4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Minimum Credit Score
600
Loan Amounts
$1,000 - $40,000
APR Range
9.57% - 36.00%
Term Length
24-60 months

We believe Lending Club is perfect for those looking to consolidate high-interest debt. By combining loans into a single peer-to-peer loan, you can save hundreds on interest. Even though Lending Club may charge origination fees, it offers a wide range of loan amounts, and you can pay off your loan early without facing any prepayment penalties.

  • Wide range of loan amounts, ranging from $1,000 to $40,000
  • No prepayment penalty
  • Allows for joint applicants, as long as one borrower meets credit standards
  • Origination fees
Read Full Review

Highlights

  • Not a traditional lender: LendingClub works with a network of investors
  • Investors choose what to fund: Borrowers with lower credit scores may be more likely to find a loan

Why LendingClub made the list

LendingClub is a fintech company working with a network of investors looking for people to loan money to. Loans are available from $1,000 to $40,000, with terms of 36 or 60 months. Because it's a network of investors, there's a good chance you will find funding, even if you have a shorter financial history or a lower credit score.

Requirements

  • Must be at least 18 years old
  • Have a verifiable bank account
  • Be a U.S. citizen or current resident

Rocket Loans

Great for: Flexible personal loans

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Logo for Rocket Loans
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Minimum Credit Score
640
Loan Amounts
$2,000 to $45,000; min. $5,001 in Ohio
APR Range
9.116% to 29.99%
Term Length
36 or 60 months

A flexible personal loan that can be used for just about anything.

  • Apply without harming your credit score
  • Loan amounts to fit a variety of situations
  • Better Business Bureau (BBB) rating of A+
  • Qualify with an annual income as low as $24,000
  • No early payoff penalty
  • Origination fee of up to 8%
  • No cosigners or joint applicants allowed
  • Limited repayment options

Highlights

  • Same-day funding: Rocket Loans is one of the rare lenders that can get a borrower their money on the same day
  • Notable mortgage lender: Rocket also provides personal loans ideal for consolidating high-interest debt

Why Rocket Loans made the list

In addition to mortgages, Rocket also provides personal loans, which can be a good choice for consolidating high-interest debt if your credit score is 640 or higher. Rocket debt consolidation loans range from $2,000 to $45,000. Repayment terms are either 36 or 60 months, and you can expect same-day loan approval. Plus, you may even receive same-day funding.

Requirements

  • Must be at least 18 years of age
  • Must be a U.S. resident
  • Must have a bank account that can receive payments via ACH

Related Loan Topics

personal-finance icon
Get Out of Payday Loans
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Loans for Credit Card Debt
 icon_balanceTransfer icon
Balance Transfer vs. Loans

Are there debt consolidation loans for bad credit?

Yes, there are consolidation loans available if you have bad credit. Here are a few extra steps you can take to increase your chances of getting approved:

  1. Check your credit reports for errors. Mistakes can drag your score down. To get started, order a free copy of your credit report from each of the three major credit bureaus. Then, read through each record carefully. If you find a mistake on your credit history, report it to the credit bureau.
  2. Get prequalified with multiple lenders. Getting prequalified doesn't affect your credit score -- usually (always ask your lender to confirm, though). By getting prequalified, you can find out whether or not a lender will offer you a loan.
  3. Consider secured debt or getting a cosigner. If you're having trouble getting approved for a loan, look into secured loans (loans that require collateral) or asking someone to cosign your loan. Doing one (or both) can make it easier for you to get approved for a debt consolidation loan.

For more information, check out our list of best personal loans for bad credit.

The best debt consolidation companies:

Lending Partner Min. Credit Score Loan Amounts APR Range Best For
SoFi Personal Loans 680 $5,000 - $100,000 Fixed: 8.99%-29.99% APR (with all discounts) Low APR for borrowers with high income
LightStream 660 $5,000 - $100,000 7.99%-24.29% (w/ AutoPay)* Borrowers with good credit
Upgrade 580 $1,000 - $50,000 9.99%- 35.99% APR Debt consolidation and fair credit
LendingClub 600 $1,000 - $40,000 9.57% - 36.00% Low APR for borrowers with good to excellent credit scores
Rocket Loans 640 $2,000 to $45,000; min. $5,001 in Ohio 9.116% to 29.99% Flexible personal loans

Credit card refinancing vs. debt consolidation

It can be easy to confuse refinancing and consolidating, but they are two different strategies meant to accomplish the same goal -- to become debt free.

Credit card refinancing involves transferring your credit card balance to a card with a lower interest rate (more on this in a moment). Debt consolidation streamlines multiple debt payments into a single payment, using a personal loan.

What are the benefits of using a personal loan for debt consolidation?

A debt consolidation program can save you money and time. Here are a few other benefits:

  • Lower interest rate: Most debt consolidation loans have a lower interest rate than credit cards, potentially saving you thousands of dollars.
  • Lower monthly payments: If you have a lower interest rate, you'll likely also have lower monthly payments. If you find yourself worrying about how you're going to repay credit debt or other unsecured debt, a debt consolidation loan can help you lower the total monthly payment due.
  • Clear finish line: From the time a lender approves your consolidation loan, you will know precisely the repayment term and when it's due to be paid off.
  • Fewer bills: Consolidating multiple debt loans into a single personal loan means you will have fewer bills to juggle. Rather than making sure each credit card payment is sent, writing a check for your auto loan, and double checking that all other bills are covered, you pay a single monthly payment.
  • Higher credit score: You may be able to improve your credit score by making regular payments. Since your credit history plays a role in everything from renting an apartment to whether you qualify for the lowest auto insurance rates, raising your credit score makes life easier.

What are the drawbacks of debt consolidation loans?

Most financial decisions, including personal loans for debt consolidation, have pros and cons. Here are some drawbacks:

  • If you use your loan to pay off your credit cards, you may be tempted to use those cards again, leaving you with a consolidation loan and new high-interest debt. New debt leads to a higher debt-to-income ratio, an issue that is factored into your credit score.
  • There is often a sense of relief once you've paid off high-interest debt, which may tempt you to spend more money or spend unwisely. The entire point of debt loans is to get you out of debt and make your life easier. Whether you take out a secured loan or an unsecured loan, stick to your budget once the loan is paid in full.
  • If you take out a secured loan using collateral, such as your house or your car, to keep the interest rate low, you risk losing that collateral if you miss payments. If you're not sure you will be able to make all payments as agreed, consider an unsecured loan instead.
  • The wrong loan can end up costing you money in interest or fees. Make sure you understand all the costs involved and don't inadvertently put yourself in a worse situation. A high origination fee, late payment fees, and prepayment penalty will each take money out of your pocket.

TIP

Budgeting for loan payments

If you're getting ready to apply for a debt consolidation loan, start by outlining your current monthly expenses and income. Then, estimate how much you can put toward a loan payment each month. (Remember, the loan payment will replace some of your other debt payments.) That way, you'll know ahead of time what size loan payment is best for you -- and you can confidently work toward paying off that debt.

What are the alternatives to personal loans for debt consolidation?

Personal loans for debt consolidation can be a great way to meet your financial goals, but they're not the only option. Here are some alternatives to a debt consolidation loan.

Balance transfer credit cards

A balance transfer card offers an introductory rate, most often a 0% APR for a set time period (typically 12 to 21 months). You apply online, give the new credit card company a list of the balances you want to be transferred, and wait to hear back from it. Transfer fees usually range from 3% and 5% of the balance transferred. But beware: The card's interest rate will rise dramatically as soon as the intro period ends. You should plan to pay the card off in full before then.

Pros

  • No interest charges on balance transfers during intro period
  • May increase your credit score

Cons

  • Only effective if you stop using credit while repaying the debt
  • Transfer fees charged
  • Interest rate rises dramatically once the intro period ends

Home equity loans

If you owe less on your mortgage than your home is worth, that means you have equity and can borrow against it. If you use a home equity loan for debt consolidation, you'll owe your mortgage lender instead of your other creditors (like credit card issuers). The interest rate might be lower on a home equity loan than you'd pay on a credit card or personal loan. The danger is that you could lose your home if you miss payments.

Pros

  • Likely to provide you with a much lower interest rate
  • Can increase your credit score

Cons

  • Lender has the right to repossess your home (the collateral) if you fail to make payments
  • Easy to get into even more debt unless you stop using other available credit (like credit cards)

401(k) loans

While the best move with a 401(k) plan -- or any other retirement plan -- is to leave it alone and let it grow, some plans do allow for borrowing. You don't have to worry about your credit score when borrowing from your 401(k) because no credit check is required.

A 401(k) loan generally lets you borrow 50% of your 401(k) balance or $50,000, whichever is less (with some exceptions). When you take out a 401(k) loan, you pay interest to yourself by putting your interest payments back into your retirement account. However, if you don't pay back the loan within five years, you will owe income tax and a penalty of 10%.

Pros

  • No credit check required
  • You repay yourself, with interest

Cons

  • The money borrowed from your 401(k) has no opportunity to grow, potentially costing you thousands of dollars in retirement savings
  • If the loan is not repaid within five years, you'll pay income tax and a penalty of 10%

FAQs

  • A debt consolidation loan is a loan used to pay off other debt. It usually has a lower interest rate than other debt (like credit card debt). You can also use it to pay off multiple debts -- for example, multiple credit cards or loans. Then, you have only one debt payment to remember instead of several.

  • Getting a debt consolidation loan could help your credit score go up. Consolidating debt leaves you with more available credit (for example, paid off credit cards). As long as you don't add charges to the cards you just paid off, the credit utilization portion of your credit score improves. In addition, making monthly payments on time helps boost your score.

  • The credit score required to consolidate debt depends on the lender. Some lenders that cater to those with poor credit consider applicants with scores as low as 560-580.

  • How much debt you can consolidate depends on a number of factors, including your credit history, income, and how much money a lender will offer you.

  • Ramsey is not a fan of debt consolidation loans, believing that it will take you longer to repay the debt. In his opinion, the longer it takes you to repay the loan, the more interest you'll pay.

    A longer term on a debt consolidation loan is not necessarily a bad thing, if you can use that loan to get a lower interest rate, a lower monthly payment, and build momentum to pay off debt faster. Use a debt payoff app and crunch the numbers to see how long it will take you to pay off existing debt at the rate you're paying. Then, find out how much a consolidation loan will cost you monthly. Finally, compare the total interest paid in both scenarios.