Why it Pays to Use a Debt Calculator

Even a month into the New Year, it’s always a good time for making positive changes, and getting on the path to good health — not only physically, but financially as well. Are you ready to start on the road to positive financial health?

One way in which you can do this is by reducing and eliminating debt. With careful planning, informational resources and support, you can do it. It just takes a plan.

If you carry personal credit card debt, you are not alone. Like others, you may have suddenly found yourself with unexpected expenses or a decreased income, and used your credit card to stay on track. And that may have meant you couldn’t pay the total balance each month, which has led to increases in finance/interest charges and added to what you already owe.

This is not uncommon and can be adjusted. It is important to understand the impact of interest charges to help you effectively manage your debt and reduce your financial stress.

Using a debt calculator will give you a clear picture of your financial situation. It can illustrate how long it will take to pay your cards off. And once you’ve reduced or eliminated credit card debt, that money can be used to build savings, start an emergency fund and achieve other positive financial goals you have set for yourself.