Debt consolidation replaces or combines obligations; it does not remove debt by itself. A 1FFC consolidation loan should be assessed against the APR, fees and repayment dates of the debts it would replace.
Read the source: 1FFC · Official debt-consolidation page
Create a side-by-side list
For each existing debt, record balance, APR, minimum payment and any payoff fee. For the proposed loan, record cash received, APR, total of payments, fees and collateral. Include any shortfall that would remain unpaid.
Continue: Loan Cost Comparison Calculator: APR, Fees and Payments
Check the total cost, not just convenience
A single monthly bill can be easier to track, but a longer term may cost more. Avoid assuming a consolidation loan is cheaper merely because the payment is smaller.
Prevent new balances
If old revolving accounts remain available after payoff, borrowing on them again can leave both the consolidation loan and new card debt. A practical spending plan is part of the decision.
Continue: 1st Franklin Financial: Loan Renewal and Refinancing
Frequently asked questions
Does consolidation guarantee savings?
No. Savings depend on the actual terms and repayment behavior.
Sources
Read the original documents and company pages behind this guide.
- 1FFC · Official debt-consolidation page www.1ffc.com · reviewed October 16, 2026
- CFPB · Difference between interest rate and APR www.consumerfinance.gov · reviewed October 16, 2026
