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What is the starting point for a consolidation comparison?
The original totals of old agreements are not the same as the cost that remains today.
Compare that remaining position with all costs of the proposed loan and any old accounts left open. A lower payment can result from extending time and does not establish a lower overall commitment.
Details
- Separate quoted conditions from assumptions
- Locate the agreement version and date
- Ask how a change affects the remaining schedule
Before you compare offers
Read the borrowing-cost checklist
Keep a written offer open while you locate the amount received, charges and total amount repayable.