Will debt consolidation save me money?

Will debt consolidation save me money?

Maybe. It depends on your financial situation and the debt you’re consolidating. For instance, if you don’t owe very much on your bills, debt consolidation may just end up costing you more in the long run. Before getting a personal loan to consolidate your debt, add up your existing debt (don’t forget to include interest!) and divide by the number of payments it would take to pay it off. If it’s less than the cost of the loan (again, including interest), you may be better off using your personal loan to take yourself on vacation to Tahiti.