Debt consolidation calculator UK

What is debt consolidation?

Debt consolidation rolls multiple debts into a single loan or balance transfer, ideally at a lower interest rate. Instead of juggling several minimum payments, you make one payment each month — often with a clear end date.

When consolidation helps

Consolidation works best when you can secure a lower overall interest rate, simplify your finances, or both. It is not a magic fix — you still need to pay off the consolidated amount. The key question is whether the new terms are genuinely better than keeping your existing debts.

• Lower APR: If the consolidated rate is below the weighted average of your current rates, you save money.
• Fixed term: A set repayment period gives you a clearer projected end date, provided the terms and payments stay the same.
• Simplicity: One payment instead of many reduces the chance of missed payments.

What this calculator compares

This calculator lets you enter your existing debts and compare them against a consolidated loan. It shows total interest, payoff timeline, and monthly cost for each scenario so you can make an informed decision.