No. of Recommendations: 0
<<I've got seven different loans at various interest rates I'm tackling right now. Here are the rounded balances and the interest rates:

1. $3900@8.0%
2. $2800@8.25%

3. $5500@8.25%
4. $2400@8.25%

5. $4000@8.25%
6. $5500@8.0%

7. $6200@8.98%

I can consolidate all of these loans with an 8.25% interest rate, but I'm not sure if that would help or hurt in the long run. Any advice or software recommendations? I can't seem to crunch the numbers and trust my own projections. I want to pay them off in three years or less. Thanks for any advice.>>

Here is some advice without number crunching. Why not just consolidate some of the loans? Consolidate loans 2, 3, 4, 5, and 7 into the new loan at 8.25%. Keep the two 8% loans separate from the loan consolidation. The only loan you are saving on by consolidation is number 7. If there are loan consolidation fees involved, it probably will not benefit you to consolidate except for simplifying your bill paying to 1 bill and saving postage stamps.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.