A debt consolidation calculator
If you’re thinking about debt consolidation as a solution for your debt problems, then the Guardian Unlimited web site has a consolidation calculator" href="http://money.guardian.co.uk/calculator/form/0,1456,590748,00.html">Debt consolidation calculator which will help you see if consolidation is an appropriate strategy for you.
The tool is easy to use - just input details of your debts, your monthly repayments, and the interest rates you’re currently being charged.
Next, enter the amount you’re thinking of borrowing, the length of the term you’re planning to borrow over, and the interest rate you’ve been quoted for your loan.
Finally, press ‘calculate’ and you’ll be given your new monthly repayment, your savings, and details of how much you’ll accumulate by avoiding the original expensive interest charges, or alternatively how much extra interest you’ll end up paying by extending the term of your borrowing.
If you’re considering consolidating, then you owe it to yourself to see the real results, benefits or drawbacks of it by using this tool before you commit to a loan.
October 26th, 2007 at 11:36 pm
[...] Furthermore, the person that was 88k in debt and didn’t see a reason NOT to go to 91k in debt couldn’t see it like some can. When I think about buying something costing $3,000, I think I’ll be $3,000 in debt, and from 0, that is a 3,000% increase in debt vs. the 3% increase for “lawnmower man”. I imagine that is how he was looking at it, but needed to clear the debt blockade first to realize it was a bad decision. Key point: DIG OUT OF DEBT FIRST!!! You’re most certainly paying the credit card companies to produce MORE credit cards to dig America FURTHER in debt! Stop the insanity!!! Here’s a debt consolidation calculator to help from DebtNation. [...]