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Should you consolidate your debt? This calculator is designed to help
determine whether debt consolidation is right for you. Enter your credit cards,
auto loans and other installment loans balances by clicking on the "Enter Data"
button for each category. Then change the consolidated loan amount, term or rate
to create a loan that will work within your budget. Click the "View Report" button
for detailed results.
Note: Now that you know the facts, find out why Everything you know is wrong about getting out of debt!
Definitions Credit
cardsEnter your total credit card debt and its average interest
rate, or press the "Enter Data" button to enter up to 10 credit card accounts,
one on each line. Auto loansClick on the "Enter
Data" button to input any auto loans you may have into the details page. This
details page is designed to let you input your current monthly payment, the term
(in months), the starting balance and the number of months you have left. It then
calculates your outstanding balance and interest rate. You can enter up to three
installment loans. Other loansClick on the "Enter
Data" button to input any additional installment loans you may have into the details
page. This details page is designed to let you input your current monthly payment,
the term (in months), the starting balance and the number of months you have left.
It then calculates your outstanding balance and interest rate. You can enter up
to six installment loans. BalancesYour total current
balances for your credit cards, auto loans and other loans. Interest
ratesThe average annual percentage rate you pay. This interest
rate is calculated for each of the categories of debt you have including credit
cards, auto loans and other installment loans. For credit cards the rate you enter
is used to calculate the interest on all future credit card payments. The length
of time to pay off this credit card may be much greater than calculated if you
enter a low promotional interest rate that is only good for a short period of
time. PaymentThis is your initial monthly payment.
For credit cards, if you checked the "use credit card minimum payments" box, your
monthly payment is calculated as 4% of your current outstanding balance. With
the "use credit card minimum payments" box checked, your monthly payment will
decrease as your balance is paid down. This can greatly increase the length of
time it takes to pay off your credit cards. Uncheck this box to enter your own
monthly payment that will remain the same until your balance is paid in full.
(We calculate your minimum monthly payment as 4% of your current outstanding
balance. While your actual minimum monthly payment may be slightly different,
this is one of the most common methods used by credit card companies to calculate
minimum payments.)
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Want to learn more about debt consolidation? Read up to date articles on our debt consolidation loans information blog, or use our search tool:
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