Debt consolidation Moves and how offers are shown

Consolidation Moves are the ones where trust matters most, because the internet is full of "get a loan" buttons that pay whoever placed them. Ample is paid by you, takes nothing from any lender, and shows the whole cost. Here is how they work.

When Ample raises one

Only when the arithmetic says so. Ample compares what your current balances will cost in interest under your plan (avalanche or snowball, at your extra payment) with what the same balances would cost under a consolidation route: a personal loan at a given rate and term, or a card balance transfer at a promotional rate with a transfer fee. If the total cost, fees included, is lower by a meaningful margin, it appears as a Move with:

• total interest and fees under your current plan,
• total interest and fees under the route,
• the difference, in dollars, and the change in payoff date,
• the assumptions: rate, term, fee, and the credit band you entered in Preferences.

If the route is not cheaper in total, nothing appears. A lower monthly payment that costs more overall is not a Move.

Consolidation Move1080×2340

Where the numbers come from

Rates and terms come from two places, and each line says which:

• Your own data. Existing card APRs, balances, minimums and statement dates from your connections.
• Published rates. When Ample estimates a route, it looks up currently published rates for your credit band from lenders' public pages at scan time, and names the source and the date on the card. These are estimates of what is available, not offers made to you.

Ample does not receive offers from lenders, does not send your information to any lender, and does not get paid when you take a loan. If a card says a specific institution, it is because that institution published the rate the arithmetic used, nothing more.

The verify-before-acting note

Every consolidation Move carries a note in amber: the rate is a published figure for a credit band, your actual offer may differ, and you should confirm the rate, fee and term in writing before moving a dollar. The Move's checklist includes that step. If the confirmed numbers differ, enter them on the card and the arithmetic re-runs; if it is no longer cheaper, the card says so.

What the checklist looks like

1. Confirm the rate, term and fees in writing from the lender (the card shows what the math assumed).
2. Re-run the comparison with the confirmed numbers, on the card.
3. If it still saves, take the loan or transfer, then pay off the listed cards in the listed order.
4. Do not close the paid-off cards unless you have decided to; the Move explains the utilization effect either way.
5. Mark done. The ledger records the confirmed saving.

Related

The debt payoff planner under Net worth › Debts runs avalanche or snowball with an extra-monthly slider and shows per-debt payoff dates and interest saved against minimums; Make this a goal turns a plan into a pay-down goal. Utilization timing Moves ("pay $X before the statement closes") come from the same page. See How Ample finds Moves.