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Or maybe you weren’t able to make any reductions at all. Before we move onto actually paying off the debt, we need to figure out how much money we can put towards debt repayment every month. The gist of it: Income – Expenses = Spendable Money.Income is any reliable source of incoming money, the most obvious being your paycheck(s).For mortgage refinancing, you can use Bank of America’s Refinance Calculator which can help you see what refinancing your mortgage might look like, but it’s only available in America.Bankrate’s Refinance Calculator is a bit more involved but also more accurate to your situation and can be used for any kind of loan. You’ve only replaced one loan with another, and that loan still needs to be paid off.Explain your situation, convince them that you’re serious about paying off what you owe, and see if they’re open to reducing your interest rate and/or principal balance. In simple terms, refinancing is when you use a loan to pay off one or more other loans.Think of it like paying off a credit card with another credit card.

I repeat: never use a high-interest loan to pay off a lower-interest loan.

Money is one of the most common causes for quarreling, especially in marriages with joint access to shared finances.

Getting rid of debt’s psychological burden can make you feel less miserable, but it can also overflow into your relationships with others and result in fewer disputes and arguments. But most of all, it’s the greater financial freedom that most of us want.

Another reason to consolidate is when your loans have a variable interest rate.

If you wait until the interest rate drops, consolidation can “lock in” a low fixed interest rate so you won’t have to worry about the interest rate rising in the future.