The Best Debt Calculators
There are a number of online debt calculators available to UK consumers who are concerned about their level of personal debt. Many of these tackle different areas of personal finance; mortgage calculators, debt consolidation calculators and general loan repayment calculators are amongst the most popular. There is no denying that these calculators can be useful tools when trying to get a more detailed understanding of your financial circumstances. However, there is no substitute for dedicated debt advice and the expertise of a specialist.
If you are looking for a solution to your mounting debt problem, the sooner you seek out help, the better your chances of finding a solution that will allow you to avoid bankruptcy, repossession and the other severe effects of bad debt. Using these debt calculators can help you come to a better understanding of your financial situation, which can then help you to come to a decision on the right debt solution to suit your circumstances.
The Financial Times is an excellent resource for personal finance tools. They have a few online calculators, including a debt calculator, a mortgage calculator and a pension calculator. Each can play an important part in coming to terms with the extent of your debt problem.
The mortgage calculator at Quote.com allows you to calculate a simple monthly payment, look at the possible effects of prepaying your mortgage and hypothetically adjust the composition of your many future monthly mortgage payments. This can be particularly helpful in allowing you to project your future mortgage-interest tax write-off. It can simulate your equity increase or the drop in interest as a percentage of your monthly payment.
You should never take on any debt without first deciding whether or not you can afford to repay it. Any potential doubt in your ability to service the debt is recipe for serious debt problems. This calculator from The Motley Fool allows you to calculate the potential monthly repayment and the total amount repayable on any loan.
This calculator from the Guardian aims to provide quite a full picture of your debt. You input all of your details and it will show you how much interest you owe, how much it’s costing you and when you’ll pay off the debt. The calculator can also show you the impact that a debt consolidation loan could have on your overall debt and your ability to meet monthly repayments.
Debtsolver have taken a novel approach to the debt calculator, instead using the information that you input into our debt wizard to give you a financial health check-up. Based on this information, their advisors can prescribe a debt solution that could cure you of the burden of bad debt. On the other hand, this could provide reassurance that your level of personal debt is within healthy parameters.
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