Debt Consolidation Calculator
Wallowing in debt? Credit cards, store cards, loans etc? The Debt Consolidation Calculator can help you see if consolidating your debts would help. Add all of your outstanding debts, with their interest rates, and the Debt Consolidation Calculator will show you how much you will have to repay each month to get debt free. It will also tell you the overall interest rate, to compare with loans used to consolidate debts.
How to use the Debt Consolidation Calculator
Enter all of your outstanding debts one by one, giving each a name or reference, like "Credit Card" or "Overdraft". Enter the amount (in pounds) still outstanding for that debt, and the annual interest rate (APR) you are paying on that debt. When you've added the last debt, enter a repayment period into the box - this is the time that you would like to take to get debt free.
When you've entered all of this information, click on the "Go!" button, and the Debt Consolidation Calculator will work out the monthly repayment you will have to make for each of those debts to meet your target period to get debt free. It will also tell you the total monthly repayment and the overall interest rate - allowing you to compare this rate with the rates offered by a debt consolidation loan.
Please note: The Debt Consolidation Calculator data is indicative only, and provides an estimate based on the figures that you provide. Rounding errors will mean that some values may not be consistent, always consult a specialist before applying for a debt consolidation loan.