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This amounts to a total savings of ,371.51 (,750 for payments and ,621.51 in interest).
Of course, borrowers must have the income and creditworthiness necessary to qualify with a new lender, which can offer them at a lower rate.
“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.
Your monthly payment and interest rate might be lower, thanks to the new loan.
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.
Debt consolidation loan interest payments are often tax-deductible when home equity is involved.
A consolidation loan may also be kind to your credit score down the road.