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How to Use This Debt Free Calculator?
This calculator shows works in two modes selected in "I want to know:" area. If you choose "What will happen if I pay extra" the calculator will calculate when you will pay off this debt and how much interest you will pay to the bank as opposed to your current debt plan.
If you choose "How to be debt-free after" option the calculator will show you how much you need to pay monthly in order to pay off your debt after the desired time period.
Your current debt balance, the annual interest of your loan and the current monthly payment are required fields. The calculator uses monthly compounding formula which makes the results most accurate for mortgage-type loans.
Please consult your financial advisor before taking financial decisions. This calculator is for illustrative purposes only and accuracy is not 100% guaranteed. Your real loan payments may differ less or more than the ones suggested by the calculator.
How to Get Out of Debts quickly?
- Pay more than the minimum payment of your credit cards.
- The snowball method; by paying the smallest amount of debts first then moving to the next higher one until they are gone.
- Sell everything you don't need and use the extra money to pay down your debts.
- Live on a budget. And ask yourself, how bad do you want to be a debt free?
- Have a permanent and consistent job.
- Work harder. Get part-time or seasonal jobs.
- Ask for lower interest rates on your credit cards — and negotiate other bills.
- Dump all of your credit cards
- Get rid of expensive habits; like shopping, smoking, drinking, expensive dinner or $4-$5 daily Starbucks Latte Fraps.
- Be cheap.