Debt Calculator

Debt Calculator questions and answers

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Q: Is there a debt calculator that would tell me what my credit score would be is if I paid off debts?
I have a payment plan in mind for all my outstanding bills. Can I find out how much my credit score would go p as I pay off each balance? I know this is a long process. Thank you

A: Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one - creditreport.imess.net

Q: Which website has best DEBT calculator?
I want to get out of debt which web-site offers a calculator that I can enter all my information and set a specific time to get out of debt?

A: bankrate.com - click on calculators not a scam like other websites might be /

Q: Online debt calculator that takes into account future charges?
I am in the process of trying to get out of debt (pay off my credit cards, etc). But, life gets in the way and sometimes I have to use them. Are there any debt calculators out there that take into account new charges each month? For example, if my debt is $3000 and I am paying $400/mo, but still charging $100/mo, with an interest rate of 10%, it is going to take me X months to pay off my debt. Thanks! Sorry to confuse - I don't need a debt counselor. I have a plan to get out of debt and my debt it quite managable right now. I am simply looking for a calculator. Thanks!

A: debt consolidation getting out of debt is pretty easy with a debt consolidation plan however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is: http://umgarticles.atspace.com/debt-consolidation.htm

Q: Know of a good debt reduction calculator?
One that will give you a print out on how and what to pay on numerous cards/loans. Thanks in advance.

A: https://www.quicken.com/planning/debt/debt_planner

Q: using a financial calculator how do i find the cost of debt?
i want to know how to use the calculator to find the cost of debt

A: You'll eventually figure it out, because Anything Can Happen!!!

Q: Credit card debt and obtaining a mortgage?
When I pull up a mortgage calculator online for determining how much I can afford for a home I'm given the option to enter in monthly debt. I have credit card debt. How much do I enter in, the minimum?

A: Hi Jennifer, Enter your total minimum monthly payments for all of your debts, unless they are entered elsewhere in the calculator (like auto loan payments, etc). It would help to have a link to the specific calculator you are using to say for sure. Hope this helps! Oh, and perhaps even more important is knowing your ratios: 3 Simple Steps to Calculate Your "Debt-To-Income Ratio" and Credit Secrets Most People Will Never Know: http://ezinearticles.com/?id=2314324

Q: Formula to calculate how long to pay off credit card debt?
example input: Amount that you owe: $500 APR: 29.99% Monthly payment: $19 I need to know how to calculate how many months that it will take to pay off. Thanks! P.S. I do not have credit card debt. I just want to program a calculator. =)

A: First you got to see how much money the APR is going to add to the 500 dollars that you owe. To do this, set it up as a percent problem. When working with fractions, always remember the equation %=part/whole. The whole is 500 and we know the percent is .2999. So now plug those into the equation to solve for p. To solve for p, you going to want to multiply each side by 500. p=149.95. Then add p to 500 to get the total amount of money you owe. This is 649.95. Then divide 19 into that to see how many times it will go in to that sum. This is how many months your going to have to pay off the credit card. Since you can have a Decimal of a month, your going to have to round it up to the next whole number. The answer is 35 months. %=part/whole .2999=p/500 500(.2999)=500(p/500) 500(.2999)=p 149.95=p 500+149.95 649.95 649.95/19 34.2 Round up to the next whole number 35

Q: Should I cash in bonds to pay of debt?
We have 4 1000 EE Bonds. I used the Savings Bonds Calculator and all 4 equals about 2,000. The bonds range in date from 2000-2003. Three of the bonds are only earning about 2% and one is earning 4% for now. I was wondering if I should cash in the bonds to pay off some of my debt? I don't care about paying the taxes. We always get money back at the end of the year so it'll just come out of that.

A: Angela, Cashing in the bonds is certainly a possibility, but there are other options as well. There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it: http://www.ehow.com/how_2326032_avoid-escalating-debt.html How to Stop Escalating Debt You can also look here for tips on earning some extra cash online: http://www.ehow.com/how_2254361_money-internet.html How to make money on the internet, scam-free Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines): http://www.ehow.com/how_2310995_student-loan-through-virgin-money.html Social Loans from Virgin Money Hope these help.

Q: Should I apply for a fixed rate loan to pay off credit cards?
I have $25,000 in total credit card debt (3 cards). Interest rates are 4.99, 5.99 and 11.74. The card with the highest balance is also the highest interest rate. According to a debt calculator I used, I can pay them off in 42 months with my income. I have been offered a fixed rate personal loan of $30,000 at 7.74%. I would pay off the credit cards and use the rest for legal fees (personal situation). Using the same debt calculator, I can pay the loan off in 48 months easily and probably sooner. Is it worth it to apply for the loan? Will it hurt or help my credit? I do need the extra cash and do not want to take it from my home equity or put more on credit cards. Thank you for your responses.

A: Why would you take 2 credit cards that interest rate is LESS than the fixed rate loan and transfer them to a higher rate? Use the loan to pay off the highest interest card......pay the minimum on the 2 lower cards but take the payment you were making on the 11% card and send it to the fixed rate. This should help bring that balance down faster. When the fixed rate loan is paid, take that payment and add it to next higher interest card until paid off and then take THOSE payments and send them to the lowest card. Make sense? OR...see if you can do a balance transfer of all 3 cards onto a 0% credit card and go from there. It would only make sense to transfer all 3 if you can.

Q: The National debt for the UK is £380 billion. How do we stop this?
The government have run up bills to the tune of £380 billion. The interest on these bills is £1.25 million every 30 minutes. I appreciate that they may need to borrow money in times of emergency. But surely a lot of this money has gone on furthering political advancement? If the government was a private person, they would have had their credit cards taken away many years ago. It's like you or me being overdrawn at the bank, then making donations to charity. But no government, of whatever party, is ever going to be strong enough to say....no more borrowing. And Americans can't smile. Their situation is a thousand times worse. My calculator runs out of numbers working out their debt. But who do we owe this money to? Can't be the Americans, because they are worse off than us. Cannot be a European country because their economies are worse than Britain. So.....my question is;- Who do we owe this money to, and how do we stop this?

A: Harold Macmillan said "When we have North Sea Oil we will be the richest country in Europe. " We have had NSO for well over 30 years, where has all the profit gone? Look at the country of Brunei, it's about the size of Wales and they have oil and are the richest country in the world. We should be the second richest, so where's all the flaming money gone and why is petrol so EXPENSIVE? We produce enough oil in this country to be a nation of millionaires. But NO it's all been squandered on goodness what.

Q: my stupid sister in credit card debt?
I'm good with money, but my sister is NOT. In two months, she has gotten herself into $6000 worth or credit card debt. She asked to borrow money, but I'd never see it again, so I said I'd help her go on a budget. Is there a site that helps you manage debt, with like a calculator or calendar to reach goals? She just landed a new job, so she'll be getting around...I'd say 700/month. How long do you think it will take to slice that amount in half?

A: Can she apply for a credit card with zero percent interest and transfer the balance? She definetley needs to get a higher paying job. Can she return/sell any of the items she purchased? Maybe Ebay? Garage sale? Anything can help! Take her credit card and break it! She clearly can not handle credit. Good Luck.

Q: So wait...Obama is CLAIMING to reduce the debt, while increasing it? Is he becoming a Republican?
Every Republican President in the last 30 years (Every Republican since, and including Reagan, in other words) has increased the US debt by the end of their term. While every Democratic President has, by the end of their term, LOWERED the debt. Do you think Obama will continue the Democrat's tradition of lowering the debt, or the Republican tradition of increasing it? http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms (all numbers are taken from the official white house debt calculator) EDIT: I'm sorry: Every Democrat president IN THE LAST 50 YEARS has lowered the debt by the end of their term.

A: nice try, scooter, but los mojados has you dead to rights...darned reality!

Q: is there a calculator online that will estimate your chances of getting a loan, by credit rating?
I'm trying to plan ahead to get a loan WHEN my debt collector is paid off, in 6 months, to see if i may be able to get a loan then, so I am trying to find a resource perhaps based on reviews or provided by banks that will estimate the probability of getting certain types of loan, in certain amounts, from certain banks, just by my credit rating.

A: try http://www.esuperfind.com/lowermybills.php?id=ap4

Q: will all the jobs hes talking about now be tax collectors and debt calculators keeping track of what we owe?
them in interest and debt for what obamas borrowed? By PHILIP ELLIOTT, Associated Press Writer Philip Elliott, Associated Press Writer – 59 mins ago WASHINGTON – President Barack Obama's eight-day trip to Asia produced no tangible wins for the United States, though he is citing talks with Asian allies that he says could help create thousands of job and open new markets for American goods in the future. Citing progress on a trip that took him from Tokyo to Seoul, Obama noted that "Asia is a region where we now buy more goods and do more trade with than any other place in the world — commerce that supports millions of jobs back home."

A: Well, we know how the Obama administration creates jobs. They boast fictional numbers and call them job creation or retention. It will be tax collectors and debt collectors.

Q: When Calculating with the affordable home calculator...?
When i use the affordable home calculator, such as this one http://cgi.money.cnn.com/tools/houseafford/houseafford.html What do i count in monthly debt? Such credit cards, car, and other loans? or do i consider things like food, water/electric/gas/cable/phone....? When using the calculator monthly debt makes a huge difference in the house price. My wife and i would have a combined income of around $100,000. Any idea how much we would get approved for?

A: The easiest rule-of-thumb answer is that you should be able to afford a house that is 2 to 3 times your income. So if you and your wife have a combined income of $100K, you could possibly get approved for a loan for $200,000 to $300,000. In these times, it might be wiser to take the larger of your two incomes and multiply THAT by 2 or 3, using that as the maximum loan amount you saddle yourselves with. That would mean less house, of course, but it would also mean less strain on your monthly budget and the ability to funnel more money into savings. It might mean the difference between thriving in these troubled times, or merely surviving. Typically, lenders don't want you to carry more than 36% of your GROSS (before tax) monthly income as debt. That would include your mortgage (and other related housing costs, including homeowners' insurance, homeowners association fees, any PMI or HELOC payments, etc.), your car loan, and any other debts you carry (student loans, credit cards, other loans). It won't count utilities or food or gas for your car. In your calculations as you try to figure how much house you can afford, don't forget that if you can't put 20% down as a downpayment toward the house you buy, you will have to either pay for PMI (private mortgage insurance) or immediately get a 2nd mortgage or HELOC in order to avoid paying PMI. Also, in figuring your monthly expenses with respect to how much house you can afford, don't overlook that you MAY have to pay homeowners association fees, depending on where you buy. Most townhome and condo complexes have these, but they're increasingly common for single-family home neighborhoods as well. These fees could range from $50 to $300 PER MONTH, on top of your mortgage, your 2nd mortgage (if you have to get one), your homeowners insurance, and your real estate taxes. Typically speaking, your mortgage is going to translate to $6-$7 per every $1,000 that you finance. So if you borrow $200,000, your mortage payment will be around $1,200 to $1,400. That would be for your primary mortgage. Just don't overlook the additional costs, as well as the closing costs you'll pay at closing (usually 3-5% of the cost of the house).