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DEBT CONSOLIDATED LOAN
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Credit cards
Enter your total credit card debt and its average interest
rate, or press the "Enter Data"button to enter
up to 10 credit card accounts, one on each line.
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Auto loans
Click on the "Enter Data"button to input any auto
loans you may have into the details page. This details page
is designed to let you input your current monthly payment,
the term (in months), the starting balance and the number
of months you have left. It then calculates your outstanding
balance and interest rate. You can enter up to three installment
loans.
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Other loans
Click on the "Enter Data"button to input any additional
installment loans you may have into the details page. This
details page is designed to let you input your current monthly
payment, the term (in months), the starting balance and the
number of months you have left. It then calculates your outstanding
balance and interest rate. You can enter up to six installment
loans.
- Balances
Your total current balances for your credit cards, auto loans
and other loans.
- Interest rates
The average annual percentage rate you pay. This interest
rate is calculated for each of the categories of debt you
have including credit cards, auto loans and other installment
loans. For credit cards the rate you enter is used to calculate
the interest on all future credit card payments. The length
of time to pay off this credit card may be much greater than
calculated if you enter a low promotional interest rate that
is only good for a short period of time.
- Payment
This is your initial monthly payment. For credit cards, if
you checked the "use credit card minimum payments"box, your monthly payment is calculated as 2% of your current
outstanding balance. With the "use credit card minimum
payments"box checked, your monthly payment will decrease
as your balance is paid down. This can greatly increase the
length of time it takes to pay off your credit cards. Uncheck
this box to enter your own monthly payment that will remain
the same until your balance is paid in full.
(We calculate your minimum monthly payment as 2% of your current
outstanding balance. While your actual minimum monthly payment
may be slightly different, this is one of the most common
methods used by credit card companies to calculate minimum
payments.)
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