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Debt Calculator
| Enter your total debt (punctuation marks are not required) | |
| Type a monthly payment you can afford to become debt free (punctuation marks are not required) |
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| Interest percentage* |
Note*:Put the average interest rate that you are paying or that you were paying on your accounts. This will be used to calculate how much you would end up paying when staying current on your accounts. The interest rate that you put in here, will not effect the figures that are calculated for the consumer credit counseling and debt settlement programs.
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Your credit card company is completely happy with you paying only your minimum payment. Why? It is because a majority of your payment is going toward interest while just a small portion of your payment is actually paying down the principle balance. Therefore, paying the minimum on a month to month basis will keep you in debt longer and will likely have a negative impact to your credit profile and will take you a lot longer to pay off your debt.
Why is this a healthy way to Reb0und from debt?
Your credit profile will finally show account balances down to zero within 1-4 years, your credit utilization will decrease to help you raise your credit score rather than you making the minimum payments each month which impacts your credit profile negatively.
Save money. Reach goals. Live better.
