This debt reduction calculator figures how long it will take to get out of debt and how much money and time you save by adding a fixed amount of additional money to every payment.
We also offer a debt snowball calculator showing you how to get out of debt even faster using the rollover method, and we have 10 other debt and credit card calculators here. One of these is certain to fit your debt reduction needs.
Sick and tired of living with debt?
Ready to get out of debt?
While you might find it difficult to imagine actually paying off your debt, the good news is you really can. Many others just like you have done so already.
Not only can you get out of debt, but you can get out faster and at a lower cost by adding additional principal to every payment. The results of this strategy defy intuition, but this Debt Reduction Calculator makes the math easy by showing you exactly how how long it will take you to get out of debt. It will also show you how much money and time you ll save by contributing extra principal with every payment.
Are you concerned about how you ll find all that extra money to put toward debt? It s easier than you think, and I ll show you how . . . .
The fact that you can still afford to buy the latest gadget every time a new version arrives is proof that you have more than you need. These extra resources can be used toward your debt payments.
Seriously, every purchasing decision is a choice between the continuing burden of debt because of excess consumption versus taking one step closer to freedom.
Idea: Every time you re about to justify a purchase that you know you don t need, take that amount and put it toward your debt instead.
By increasing awareness of your spending decisions and discovering ways you can save, you ll never be sorry for the purchases you do make.
Start by looking at the way you spend your extra resources. Make a list like this:
If you re married, writing down ways you can cut expenses can help you both brainstorm excellent ways to save. If you re single, do the same and keep a record of your savings for future reference.
Missing a treat or two won’t hurt you, but it will put you in a position to enjoy a better life in the future.
When you are wary of purchases, you won t have to be sorry after you ve made them!
Being wary fits into your overall debt reduction plan of calculating, cutting, and curbing.
Calculate the amount of money you can set aside. Keeping the Debt Reduction Calculator at hand, add this amount to your existing loan payment, and Calculate Debt Reduction Savings. This will motivate you to continue when you see how small additions to principal compound into huge savings over time.
By simply adding $100 – as an example – to your payment every month, not only will the interest cost come down, but your repayment time shortens as well. This provides the added benefit or reducing worry and stress. Go ahead and dream of a time when you are debt-free, and let it motivate you to persist.
For example, a walk in the park is equally as enjoyable as throwing bowling balls at the alley. A backyard barbecue with friends is much more pleasurable, enjoyable, and affordable than an expensive meal out. Going through your already overflowing wardrobe may spark an idea that you can use to set up a fashion trend of your own. An update of your existing gadget may not be necessary after all.
In short, change the way you think about having fun, and you can dramatically reduce your spending without feeling any sense of sacrifice.
Curb spending habits and form better behavioral patterns. Over time you ll gain momentum, and find that cutting back on spending comes more naturally than before. Starting is the most difficult part!
After you start your debt reduction plan, there are a number of ways you can maintain it:
Remember: Paying off debt doesn t come easy. Companies litter our mailboxes with credit card applications and messages that makes debt seem like a friend, not a foe. You re going to need some encouragement.
If you re in serious debt, it s time to get out, and this free Debt Reduction Calculator can show you the fastest path forward – providing both money and time savings.
Start putting extra money toward your debt today, and you ll be on the path to building wealth before you know it.