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 remember as you create your financial plan and get out of debt as quickly as possible.
Interest Calculator
In certain cases, interest 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. 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 better understand how long it will take you to pay off your debt. Try these calculators to investigate other important aspects of your debt repayment:
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 have serious trouble repaying your debt.