debt calculator

Desperate for some good, solid credit card advice? Looking for tips on getting out of debt? We get it. When you’re in the red, it can sometimes feel like you’ll never get out of debt. So, where to begin when it comes to paying off all those bills or dealing with creditors? How about right here, with our easy to use debt calculator. Just fill in your balance and interest rate, then either calculate how long it will take to pay off the debt making your current payment amount or how much to pay in order to get out of debt in a certain number of months. Want more help? Check out our money saving tips and our Q&A for credit card advice, including what you need to know about keeping your credit healthy and making your bottom line (not to mention you and your sweetie) happy. We’ve also got tons of credit card debt advice, ways to save money, and even hints for making sure you spend cash wisely. Even making tiny changes now can help lighten your load down the road. We’ve boiled all of the credit card debt advice out there into seven easy steps you can take to eliminate your debt. Once you’ve changed your spendy ways, why not take a peek at our savings calculator? It’s a fun way to get to the bottom of how much you’ll need to sock away each month to meet your savings goal. Read them all, and get out of debt and back into the black before you know it!

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Debt Calculator

Get out of the red and into the black.

Enter your balance and interest rate. To find out how long it will take you to clear your debt paying a certain amount each month, fill in the first field, and hit calculate.

If you want to get out of debt within a certain amount of time, enter a time frame in the second field, and hit calculate.

Want more? Check out all of our tools, checklists and calculators!

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7 Simple Steps to Get out of Credit Card Debt

Learn the 7 simple steps of credit card rehab.

Photo: Veer

If you're struggling with debt, clearly you're not alone. Being debt-free takes resolve and a little know-how. We'll help you get on the right track, starting with these seven steps.

Step 1: Separate "Bad Debt" and "Okay Debt"
How can you tell the difference? "Okay debt" has an interest rate under 10 percent -- preferably with tax advantages to boot. In the best-case scenario, the thing you bought with borrowed funds will appreciate in value (think mortgage and even that student loan). "Bad debt" is everything else -- especially credit card debt.

Step 2: Don't Pay by Their Rules
The "minimum amount due" is cleverly calculated to keep you beholden to The Man for your entire adult life. A $4,500 balance on a card with an 11-percent APR will take 44 years to pay off, even if you don't put another dime on the card. Oh, and the interest you'll pay on that loan? A whopping $17,000! That's why you're going to pay by your rules. Keep reading.

Step 3: Get Intimate With Your Visa
Gather your bills and clear a space at the kitchen table to line them up. Rank your cards from the lowest to the highest interest rate. Identify the one major credit card with the lowest annual interest rate and room for a balance transfer. See which high-interest rate cards you can phase out of your life and move to the low-interest card.

Step 4: Play the Heavy With Your Existing Lenders
Grab a bill from any account charging you more than 19-percent interest and ask to have your rate lowered. Say you've received offers for much lower-rate cards. Your lender would rather keep you as a customer than pay $50 to $200 to find your replacement. Plus, studies show that more than half of the customers who tried to negotiate lower interest rates had some success.

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