Debt Repayment
Although at times it may seem impossible, repaying your debt may be more within your reach than you think. This page includes some tips and several financial calculators to help you create your own financial plan to get out of debt. If you have further questions, make an appointment with one of our financial coaches who can address your concerns.
Debt Ratio
The term "debt ratio" refers to the ratio of the total amount of one's debt to the total amount of assets. As you pay off your debts, your debt ratio goes down. A high debt ratio is an indicator of poor net worth. This is something to keep in mind as you create your financial plan and get out of debt as quickly as you can.
Interest Calculator
Interest, in certain cases, can more than double the repayment of your original loan. Therefore, it is vital that you keep track of how much interest you're paying and are going to pay so that you are prepared financially and know how much you can keep saving. To calculate your interest during a certain repayment period, try our Loan Calculator. If you would like further guidance, please see the list below, under "Debt Reduction Calculators."
Debt Reduction Calculators
There are many options for debt repayment calculators that can help you get a better idea of how long it will take you to pay off your debt. Besides our Loan Calculator, you could try these calculators to investigate other important aspects of your debt repayment:
- SimpleDollar Debt Repayment Calculator
- Provident Living Financial Calculators (comprehensive list)
- Provident Living: How soon could I pay off all my debts?
- Provident Living: Would spending a little less and saving a little more make a difference?
- Provident Living: How long will it take to pay off my credit card?
- Provident Living: When will my loan be paid off?
- Provident Living: What if I pay a little extra each month on my loan?
App: Count Down Calendar
If you're looking for an app that can help you keep track of your repayment progress wherever you are, then click here for a helpful article by SimpleDollar that includes a list of these apps and an informative description of each one.
DISCLAIMER: We do not promote any outside organization, application, or website. This is not a comprehensive list of everything you need to do to repay your debt, nor is it a form of payment on your loans or any other forms of debt. Please budget responsibly and consult a financial professional if you're having serious troubles repaying your debt.