Free Credit Card Debt Calculator

You can use a free credit card debt calculator to help you see just how much interest you will pay if you make the minimum payments to your credit card companies. You can see the effects of paying a fixed amount each month. You can also see what amount you would need to pay to become debt free by a certain date. Check out Money Magazine's free credit card debt calculator:

http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

This tool is useful if you want to be debt free by 2012 or another date - for instance your wedding date. You don't want to start off your marriage loaded with credit card debt. So you can use this tool to see how much you need to pay to get it all paid off before you start your wedded bliss.

The number one reason people get divorced is due to financial problems. So if you work hard to getting your debts paid off, you stand a better chance of succeeding in your marriage.

Ok but once you have your debt numbers, what then?

Figuring your debt pay off date is the easy part. That only took 3 to 5 minutes. Next comes the part where you make all those payments and pay off that debt. That will take a lot longer than 5 minutes.

You have to start adding more to your minimum payments so you can stop paying so much interest. You have to start looking for more work to have more money to pay your bills.

How about going into some freelance work during the evenings instead of watching all the new TV shows. They are all going to be coming out on DVD eventually and you can save time and money when you watch the whole season at one sitting without commercials.

Another way to get rid of your debts is by using debt settlement. You can use a free debt settlement calculator and see how much you could save by using debt settlement.

I used the one over at Debt Shield's website and entered my information - $47,00 in credit card debt, an average interest rate of 12% and a minimum monthly payment of 2.5% and the results were pretty impressive.

It said the interest I would pay is over $31,000, it would take my 321 months to pay off the debt - which works out to 27 years. The best part is that savings using debt settlement would be around $54,527.

To me this is a much better option that using a free credit card debt calculator because that does not do anything for me. It does not get my balances reduced. All it does is show you a picture of your debts. Talk to a debt settlement company and see something that can really give you a clear picture of debt free living.