Will this hurt my credit score?

Initially, applying for a loan causes a small dip. However, paying off credit cards improves your credit utilization ratio, which typically results in a net positive effect within a few months.

Should I close my credit cards after paying them off?

Not necessarily. Keeping old cards open (but unused) helps your credit history length and available credit ratio. However, if you're tempted to spend, closing them is the safer choice.

What if I can't get approved for a low-rate personal loan?

Consider a secured personal loan (using savings as collateral), a guarantor loan, or focus on paying off the highest-rate card first while making minimums on others.

Credit Card Debt Destroyer

Calculator

Calculate how a personal loan can eliminate your high-interest credit card debt faster and cheaper

Free to useNo data storedAI insightsUpdated: February 2026

Trapped in high-interest credit card debt? This calculator shows how using a personal loan to pay off your cards can save you thousands in interest and get you debt-free years sooner.

Enter Your Details

Real-World Examples

Single Card Debt

Maria has $10,000 on a card at 21% paying $250/month minimum.

Inputs:

balance:10,000cardRate:21payment:250plRate:9

A 3-year personal loan saves $4,800 in interest and pays off 2 years faster.

Multiple Card Balances

Tom has $25,000 across 3 cards averaging 19% paying $600/month.

Inputs:

balance:25,000cardRate:19payment:600plRate:11

Consolidating to one loan saves $8,200 and simplifies to one monthly payment.

Frequently Asked Questions

Glossary

Debt Consolidation

Combining multiple debts into a single loan with one interest rate and one payment.

Interest Savings

The total amount you avoid paying by switching to a lower interest rate option.

Payoff Acceleration

How much faster you become debt-free compared to current minimum payments.

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Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.

Last updated: February 2026