Debt Reduction
Description
Are your debts spiraling out of control? Do creditors call and harass you for payment? Or do you just want the security of living debt free?
This tool will help you create a debt management plan that will show you how to potentially save thousands of dollars in interest payments and repay your debts much sooner that you would by just paying the minimum monthly amounts.
When to Use
Use this household budgeting calculator to:
- Calculate how long it will take you to repay your debts at your present rate
- Calculate the true cost of your debts by estimating the total interest you would pay
- Create a Debt Reduction Plan
- Calculate how much money you will save in interest payments by following your plan
- Calculate when your debts will be completely paid off by following your plan
What information you will need
To effectively use this financial tool it is best to have the following on hand:
- recent statements for all credit card
- recent statements for store account or other installment credit
- recent statement for medical bill debts that are paid on a monthly basis
- mortgage statements
- any other debts
Note: You do not need to have all this information to use the tool, but the more you have available, the more accurate the calculation.
Note: Cookies and JavaScript must be enabled in your web browser to use this calculator.
Enter your debts:
Your Current Status:
Time to Repay:
Note: Once you leave the website, all information is lost. We recommend you print out the Debt Reduction Schedule.