Using A Debt Calculator Can Help With Debt
Many individuals and families in the UK are in debt
, it is thought that the average debt per person in the UK may be up to 10,000. With credits cards and personal loans become more and more popular more of us than ever are in need of debt help.
There are many ways to get help with debt but first it pays to know exactly how much debt you are in. For this you might use a debt calculator. There are many debt calculators online and just knowing how much debt you have can make your debt planning much easier.
Where ever you are with your debt it is always worth using a debt calculator to make sure you know exactly how much you owe, how much interest you will be paying over the duration of the repayment and if you can afford to make the repayments sooner to save yourself money.
The worst kind of debt problem you can have is if you cannot afford to pay even the minimum repayments, using a debt calculator you can identify if you are in this situation. If you are it might be worth looking at the options available to you including:
Loan management plans, where you will agree with your debtor to pay back a smaller amount every month, in some cases you can even freeze the interest you are paying. This is often the best solution for people who are struggling to pay the minimum repayments monthly over a short period but could comfortably pay smaller amounts over a longer period.
Consolidation loans, where you will take out one large loan to payback all of your existing smaller loans which may make your debt easier to management. This may help you manage and track your debt but in many cases you will be paying the debt over a longer period of time which will result in a larger repayment in the long term.
Or even and IVA in an extreme situation where you will pay back a portion of your loan over a period and write the rest of the loan off, These repayments often happen over a 5 year period, once you have competed this payment you will be debt free but an IVA does damage you credit rating which can make it harder to apply for loans in the future. An IVA is always better than declaring bankruptcy as you do not risk losing your house or any of your possessions as long as you keep up with your agreed repayments.
You may find by using a debt calculator that the situation isn't quite as serious as this, in these cases it is worth budgeting your monthly outgoings, cutting down on luxury items or eating out so that you can increase the amount you are repaying every month. This will make the overall repayment smaller as you will not be paying as much interest in the long run. A profession advisor can help with debt strategies such as this.
by: Bill Weston
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