What would a $20,000 debt consolidation loan cost monthly at today's rates?

MoneyWatch: Managing Your Money What would a $20,000 debt consolidation loan cost monthly at today's rates? We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Angelica Leicht Angelica Leicht Senior Editor, Managing Your Money Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications. Read Full Bio Angelica Leicht May 5, 2026 / 11:08 AM EDT / CBS News Add CBS News on Google The idea of debt consolidation sounds straightforward, but the actual cost can vary more than you might expect. Muhammad Aqib/Getty Images There's no question that today's economic landscape is making it tough for borrowers to keep up with, much less get ahead of, their debt. Not only are credit card balances climbing, but credit card rates have remained elevated over the last few years, too. And, that's occurring as other issues, like rising inflation and a declining job market, are taking a big toll on people's finances. In turn, more borrowers are looking for ways to reorganize what they owe, not just to lower costs, but to make the repayment process more predictable, which has led to a renewed interest in debt consolidation.But while the idea of combining multiple credit card balances into one fixed-rate loan with a predictable monthly payment sounds straightforward, the actual cost can vary more than borrowers may expect. There are different approaches to take, but if you go the personal loan route, rates can differ widely across lenders and borrower profiles. And, the loan term you choose can also shift your monthly obligation by hundreds of dollars in either direction. So, what may look afforda...