Debt Relief Tools: Five Calculators To Help You Reduce Credit Card Debt Now
When you’re looking for credit card debt help, the best place to start is taking stock of how many credit cards you have, how much you owe, what the interests rates are on each credit card and what your total monthly payments are.
Then you can figure out whether or not to take advantage of special promotional balance transfer rates from new credit cards, how soon you can pay off your credit card debt and how your current debt load is affecting your credit score. These five tools are a great place to get started.
1) Mvelopes Free Debt and Loan Calculator
The best part about this simple online calculator is that it helps you see in black and white where you stand with your debts. Simply input each credit card balance, interest rate and current payment. The debt calculator will give you a handy summary of your debts and details of how long it will take to pay it off.
2) Credit Score Estimator
With this free credit score tool, you answer ten basic questions and get an estimated range of where your credit score is likely to fall.
While the three major credit reporting agencies are required to offer you one free credit report per year, they are not required to tell you your credit score. You will frequently see offers for free credit scores, but they are usually come-ons to sell you an ongoing credit monitoring system that will cost you $10-$15 per month.
3) True Cost of Paying the Credit Card Minimum Calculator
This eye-opening calculator gives you a detailed amortization table of how long it will take you to pay off your credit card debts, assuming your only pay the minimum each month.
4) What Will It Take to Pay Off Your Credit Card Debt?
This clever tool lets you enter your credit card balance, interest rate, monthly payment and desired number of months until you pay off the debt. The calculator shows you how much you’ll have to pay each month to achieve your goal.
5) How Much Does That Balance Transfer Really Cost?
Is that balance transfer offer really worth it? Enter your credit card balance, interest rate, balance transfer amount, balance transfer fees, what the promotional balance transfer rate is, when that rate expires and what the rate will be after the promotional period is up. The calculator will then tell you the total amount you’ll pay in interest, the true annual percentage rate you’re paying and how long it will take before the balance transfer is paid off.