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This works out to ,371.84 being paid in interest.The monthly savings is 5.21, and over the life of the loan, the amount of savings is ,765.04.“Typically, the loan has to be paid off in three to five years,” says Harrine Freeman, CEO, and owner of H. Freeman Enterprises, a credit repair and credit-counseling service in Bethesda, Maryland, and author of “How to Get Out of Debt.” These types of loans don’t erase the original debt; they simply transfer all your loans to a different lender or type of loan.If you need actual debt relief or don't qualify for loans, it may be best to look into a debt settlement rather than, or in conjunction with, a debt consolidation loan.“If you can get your bank to approve a loan, that’s great," says Tim Gagnon, assistant academic specialist of accounting at the D' Amore Mc Kim School of Business at Northeastern University."But your bank may not be looking to keep you as a client and your credit scores may not be high enough to meet their lending requirements.” If not, you should start by paying off your highest-interest debt first.One method is to consolidate all their credit card payments into one, new credit card—which can be a good idea if the card charges little or no interest for a period.

There are several ways consumers can lump debts into a single payment.Creditors are willing to do this for several reasons, including that it maximizes the likelihood of collecting from a debtor.These loans usually are offered by financial institutions, such as banks and credit unions, but there also are specialized debt-consolidation service companies.With either type of loan, the interest rates are still typically lower than the rates charged on credit cards.Also, in most cases, the rates are fixed—meaning they do not vary over the repayment period.

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