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| Approach | Monthly | Total interest | Paid off in |
|---|---|---|---|
| Minimum payments only | Starts at $450, declining | $26,120 | Over 33 years |
| Card, fixed $500 per month | $500 | $7,529 | 46 months |
| Consolidation at 19.99% | $456 | $6,906 | 4 years |
| Consolidation at 34.99% | $584 | $13,055 | 4 years |
Lower than the weighted average rate you are paying now. On $15,000 of card debt at 22.99%, a consolidation loan at 19.99% saves roughly $1,080 over four years while lowering the payment. The same loan at 34.99% costs about $5,900 more than staying put. The rate you are offered decides it, not the concept.
Short term, slightly: a new application means an inquiry and a new account. Medium term it often helps, because paying cards to zero lowers utilization, one of the heaviest factors in a score. The real risk is running the cards back up while still carrying the loan, which leaves you with both.
Yes, and most applicants have fair or poor credit. The caution is the rate: below roughly 20% APR consolidation usually pays for itself against card debt, near the 35% cap it usually does not, and a non-profit credit counselling plan may serve you better.
