The purpose of the How Much Do You Owe? calculator is to help people calculate just how much debt they actually have. To use this tool you will need to enter the balance, interest rate, and monthly payment for each of the debt products you current have. This calculator will then determine how much debt you have, and it will also tell you how long it is going to take for you to pay off this debt at your current monthly payment rate.
How much do you owe? Overview
A lot of people are seduced by the purchase power offered by credit cards, easy to get personal loans, and no down payment mortgages. However, as a person accumulates these debts they usually don't think about how they are going to pay them off. This oversight leads many people into a desperate situation where their monthly payments for these debts take up all of their monthly income. If you are in this situation now, or if you are heading for this situation, then it is time to take control of your finances. You can start by using our How Much Do You Owe? tool to see just how far in debt you actually are.
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