Outstanding Debt Calculator Helps You Create Debt Management Plan

This outstanding debt calculator will help you get a clear idea of how much you owe. Many people have only a foggy idea of what their debt is. By plugging your information into this calculator you will have a clear picture of your financial situation.

Outstanding Debt Calculator

It’s hard to plan where you are going when you don’t know where you are. This information is the starting point on your map to financial health.

How much do you owe?

You may need to check your credit card and other loan statements for information on your outstanding debt. It’s very possible you’ve never looked at all this different information at one time. It may seem a little overwhelming. Be assured that it’s necessary to create a plan of action.

Once you’ve gathered your information, enter it into the calculator. For each credit card, auto loan or consumer loan enter your outstanding balance, the current interest rate and the minimum monthly payment.

When you’ve finished plugging in your information, hit the “enter data” button. The graph on the right let’s you toggle between two views:

• How long it will take to payoff the debt under your current creditors
• The total interest you will pay to your current creditors in paying off these debts

The “view report” button also details debt payoff information

Create a plan for paying off your outstanding debt

Now you have a clear picture of your financial status. You may not like what you see. Do you want to payoff your debt and save possibly thousands of dollars? If you are ready to explore your debt consolidation options, call Countrywide Home Loans. Our loan experts are ready to help you find the loan that’s right for your needs. Call 1-888-284-7596 today for a free, no obligation loan consultation.

Calculators and Tools

Before making any financial decision, it is important to know where you stand. Use Countrywide Credit’s calculators and tools to help you get a clear picture of your financial situation. This information will assist you in making an informed decision about your next step.

Calculators

Let the calculators do the math. Calculate:

• Debt Payoff
• Outstanding Debt

Quizzes

Analyze your credit risk, asses your credit knowledge and more.

• Credit Analyzer
• Credit Quiz

FREE Downloads

Download free PDF guides and listen to free podcasts.

• PDF Guides
• Podcasts

Debt Management

Use our debt management calculators and tools to assist you in managing your debt.

• The Debt Payoff tool shows how consolidating debt frees up cash that you can use to speed up your debt payoff. This will save you potentially thousands in interest over the life of your loan.
• The Outstanding Debt calculator enables you to see how much you owe in high-interest consumer debt. It will help you figure out how long it will take to pay off and what your potential interest charges will be.

Is Bankruptcy Right for You?

Some experts recommend that if you cannot pay back outstanding consumer debt in three to five years, bankruptcy may be the best option for you. (Of course, that doesn’t include long-term loans like mortgages, which are normally repaid in 15-30 years.) But bankruptcy isn’t an “easy” out. In fact, depending on which kind you file, it can make it difficult for you to obtain new credit for up to 10 years.

Bankruptcy Alternatives

Before you decide whether or not bankruptcy is right for you, consider all your options. You might discover other alternatives to bankruptcy that can help you achieve debt relief. Consider talking with a credit counselor about your situation. Keep in mind that not all credit counseling agencies are created equal. Most credit counseling agencies are funded by credit card issuers and other lenders. These types of credit counseling agencies are more inclined to steer you away from bankruptcy, even if it may really be the best option for you.

If you are considering credit counseling, the National Foundation for Consumer Credit (NFCC) offers free or low-cost debt counseling, financial education, budgeting assistance, and other financial services for consumers. To locate an office nearby, you can check the NFCC web site at www.nfcc.org or call toll-free 1-800-388-2227 for 24-hour automated office listings.

The NFCC also offers Debt Management Plans that can sometimes lower your payments, fines, or interest. A Debt Management Plan offers a systematic way to pay down outstanding debt. The NFCC can often negotiate reduced or waived finance charges and fewer collection calls, helping you bring your debt under control more quickly. With a Debt Management Plan, you would deposit your debt repayment funds with the agency each month and the NFCC would disperse the funds to your creditors according to pre-negotiated repayment plans.