How can debt consolidation help me?

Consolidating debts can save you time and money.

Because consolidation loans are generally amortized over 10 or 15 years, they can significantly reduce your required monthly payment ' and help you pay off your debts more quickly. With interest rates at historical lows, it's a good time to combine some of your credit card and other personal debt into a new consolidated loan (typically a home-equity loan). Use this calculator to determine how quickly you could get out of debt and how much interest you might save.