Debt Consolidation Calculator
See how much you could save by combining multiple debts into one loan with a lower interest rate.
Your Current Debts
Consolidation Loan Details
%
Current personal loan rates: 6.5% - 12%
$
$
Comparison Results
Current Debts
Total Debt $0
Avg Interest Rate 0%
Total Monthly Payments $0
Total Interest (5 years) $0
Total Cost $0
Consolidated Loan
Loan Amount $0
Interest Rate 8.5%
Monthly Payment $0
Total Interest $0
Total Cost (incl. fees) $0
Your Potential Savings
$0
Save $0/month
Cost Comparison
Australian Interest Rate Guide
| Debt Type | Typical Rate | Priority |
|---|---|---|
| Credit Cards | 18% - 22% | High Priority |
| Store Cards | 20% - 25% | High Priority |
| Buy Now Pay Later | 0% - Late fees apply | Medium |
| Personal Loans | 6% - 15% | Varies |
| Car Loans | 5% - 12% | Lower |
| Consolidation Loan | 6% - 12% | Target Rate |
When Consolidation Makes Sense
- ✓ Multiple high-interest debts (credit cards, store cards)
- ✓ Can qualify for a rate lower than your average
- ✓ Committed to not accumulating new debt
- ✓ Want simplified finances with one payment
- ✓ Have a stable income to make regular payments
When to Be Cautious
- ✗ The new rate is higher than your average
- ✗ Extending the term significantly increases total cost
- ✗ Large establishment fees eat into savings
- ✗ Risk of running up new debt on cleared cards
- ✗ Converting unsecured to secured debt (home equity)