Do you should consolidate your debt?
Should you consolidate your debts? This calculator is designed to help determine if debt consolidation is right for you. Press the “Enter Data” for each category, and enter the information in your credit card, auto loan balances and other personal loans. Then change the amount, term or rate to create a consolidation loan that fits your budget. To view the results in detail, click “View Report”.
Credit Cards
Among the total owed on credit cards and the average interest rate, or press the “Enter Data” to include up to ten credit card accounts, one per line.
Interest rate
The average annual percentage rate you pay.
Auto Loans
Press the “Enter Data” to enter in any detail page auto loan you have. This page is designed to allow you to include your current monthly payment, the term (in months), the initial balance and the number of months remaining. With these data, calculates the outstanding balance and interest rate. You can enter up to three loans.
Other loans
Press the “Enter Data” to enter in the details page any personal loan you have. This page is designed to allow you to include your current monthly payment, the term (in months), the initial balance and the number of months remaining. With this data, calculates the outstanding balance and interest rate. You can enter up to six installment loans.
Payment
This is your initial monthly payment. For credit cards, if you checked the box “use the minimum payment on credit cards,” your monthly payment is calculated as 2% of current balance. When you mark this box, your monthly payment lower as the balance is reduced. This can significantly increase the amount of time it will take to pay off their credit cards. This amount can be adjusted. Do not check this box and enter a lump-sum payment that will remain unchanged until your balance is paid in full.
Balances
The total amount currently owed on their credit cards, auto loans and other loans.
Interest Rate
The annual interest rate (APR) you pay average. This interest rate is calculated for each of the categories of debt you have including credit cards, auto loans and other installment loans. For credit cards, the entry fee is used to calculate interest on payments to them. Note that the time it take to pay off this credit card will be higher than the calculated time if you get a low interest rate which applies only for a short promotional period. (This calculator computes the minimum monthly payment as 2% of its current outstanding balance. Although the minimum monthly payment may be different, this is the most common methods used by issuers to calculate the minimum payments on credit cards.)
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Posted in Loans | 
Tags: Auto Loans, consolidation loan, credit card, debt consolidation, Interest rate