Debt-Free Calculator, Getting out of debt with CNNMoney, debt reduction companies.#Debt #reduction #companies



When will I be debt-free?

How we calculate the number of months it will take to pay off your debt

For each month, we calculate and add the interest accrued during that month to the amount you owed during the previous month. Then we subtract your monthly payment to arrive at the new amount owed. We repeat the process and track the number of months needed for the amount owed to reach $0. If you have multiple debt types, your debt-free date is based on the debt that will take the longest time to pay off.

How we calculate the total interest you will pay

We keep a running track of the cumulative interest accrued each month as your debt gets paid off.

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