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Consolidation combines multiple balances into a single loan, ideally at a lower average rate. Enter each current debt with its balance, rate, and minimum payment. Compare total monthly outflow and lifetime interest against the proposed consolidation loan. Lower payments via longer terms can increase total interest—always compare total cost, not just monthly payment.
Fixed payment each month on a declining balance (typical for cards or simple loans). APR is nominal; your issuer may calculate daily.