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Debt Counseling Assistance :: Debt Pay Off Calculator
Debt Pay Off Calculator:
How a Calculator Can Help You Pay Off Your Debt
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A debt pay-off calculator is an amazing tool that can help you put your debt into perspective, calculate the best way to pay off your debt and help you visualize how drastic a difference a simple increase in your monthly payments can make.
To learn more about the benefits of a debt pay-off calculator along with links to some great resources and tools online, keep reading.
Functions and Benefits of a Debt Calculator
Most debt calculators will take you through a simply questionnaire that asks you about each individual debt including the balance and interest rate.
From there, you can calculate the fastest way to pay off your debt along with the least expensive method.
Some calculators will allow you to request to pay off your debts by paying the smallest one off first or to knock down the debt with the highest interest rate first.
You should also be able to input either your maximum available monthly payment or your target debt-free date, in which case the calculator will figure out your monthly payment for you.
Once you're done, the debt calculator will spit out a schedule of payments. The schedule will indicate how much should go to each debt and by what date you will be debt-free. If you set your own debt-free date, it will calculate the monthly payments.
For those of us who struggle with the effects of compounded monthly interest, particularly with credit card debt, it's a great tool that puts these costs into perspective.
You can see how an extra $10 a month can take months or years off your debt repayment schedule or how tackling the higher interest debts first can save you thousands.
Where to Find Debt Payment Calculators
There is a great debt pay-off calculator, along with numerous other financial tools on the CNN Money site at http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp.
It's highly customizable and easy to use. Another great tool can be found at BankRate (http://bankrate.com), a popular site with a range of financial tools.
See also:
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