When choosing the best option for you to become debt free, it is important to analyze each aspect of each debt solution. One of the most important factors to consider is, "What is this going to cost me?" That means two things: "What are my monthly payments?" and "What is the total over all cost?" Another important factor is the timeframe. How long will it take to get out of debt? With this debt calculator you will be able to calculate your monthly payments, total cost, and months to become debt free for four major debt management solutions: sticking with your minimum monthly payments, a debt consolidation loan, credit counseling, and STARTOVERTODAY's debt settlement program.
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PLEASE NOTE: This debt calculator gives you an estimate of how much it will cost you to get out of debt, how long it will take and how much your monthly payment may be with the different options to pay off your debt. Keep in mind "Minimum Payments" assumes you NEVER make any further purchases on your credit cards and the credit card companies NEVER raise the interest rate on your cards in the future from the rate calculated above. The "Debt Consolidation Loan" example is usually only possible when taking out an "equity line of credit" or "second mortgage", which involves securing your unsecured debt with your home. This is a very risky option for most people because the home could be foreclosed if you cannot make the payments.
