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Debt Elimination Calculator

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How should my payments be set up to pay off all my debts the quickest?

The basic principles to eliminating debt include: (1) pay as much as possible toward your debt each month (not just the minimum required); (2) concentrate on paying off one loan by paying any extra toward that one loan while paying the minimum on all others; (3) when one loan is paid, choose another and pay its minimum plus the money that was being paid on the loan you just paid off. Use this debt elimination calculator to help organize and prioritize your loans to get them paid as quickly as possible. Enter the debts you want to eliminate, choose your elimination priority and run an amortization schedule that will show you a monthly payment schedule for each loan each month until they are all paid. You can even compare how much it would cost and how long it would take to pay the same debts by making minimum payments each month.

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Nazareno Bayalas   Dear Sir I have a personal problem on my debt from my Visa and Master card and my personal credit.i can not pay all due to my salary is very small than the interest now is very big. Please help me to remove my credit. - 7/20/2010 10:26:44 AM

name   Beautiful site, - 7/29/2009 6:08:36 AM

DH   Thank you for this website. What a Great opportunity to see what $$$damage EeeeKK! WOW! We've already spent a lot and are glad to see a light and a way to dig out $$$ How does the calculator figure simple interest verses compound? Home Loans, Car Loans verses Credit Card? Also, how is the amount of time to pay off debt determined (3 years to 5 years) is there a choice when calculating? The amortization shows various figures, but we are not sure if we are going to see correct results based on how we put in the interest. We didn't break down all the min. % min. principle(couldn't find this on any of our statements)...so we only put in the payments we currently make and the min. required. Sorry if this is long and wordy, just want to take full advantage and understand the correct use of this calculator - 4/18/2009 4:05:54 PM

K R   Thank you for providing this website! All of your calculators are easy to use, but this one was especially helpful today. I have referred several people to bizcalcs.com and always get positive feedback. For those who want to save their calculations...please tell them to just highlight the amortization data, copy it, then paste into Microsoft Excel or Word. - 4/16/2009 5:53:27 PM

R A   This is a great calculator. Every other place wants you to pay a fee. So what if you can't save the info...print it out silly and keep coming back...it's FREE!!! - 4/15/2009 10:10:01 AM


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