Consumers are still apt to pay credit cards over mortgages, a trend first seen in early 2008, TransUnion said in a recent report. Read more
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How much do you owe? Use this total debt calculator to find out your total debt amount. Enter all of your credit cards and outstanding installment loan balances. Find out how much you owe and how long it might take to pay it all off. This calculator can be used as a good starting point for formulating a new or updated debt management plan. Click the "View Report" button for a detailed look at the results.
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Credit cards Enter up to 10 credit card accounts, one on each line. Balance Your current balance on your credit card. Interest rates The average annual percentage rate you pay. This interest rate is calculated for each of the categories of debt you have including credit cards, Auto Loans and other installment loans. For credit cards the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. Auto loans Click on the "Enter Data" button to input any auto loans you may have into the details page. This details page is designed to let you input your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to three installment loans. Other loans Click on the "Enter Data" button to input any additional installment loans you may have into the details page. This details page is designed to let you input your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to six installment loans. Payment This is your initial monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.) |
| Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation. |
This total debt calculator is just one of more than 30 personal finance calculators that we offer to consumers to help make knowledgeable decisions in all-important financial situations. Please use the total debt calculator as part of a thorough research process. For more news, advice and resources, visit our knowledge center.
Consumers are still apt to pay credit cards over mortgages, a trend first seen in early 2008, TransUnion said in a recent report. Read more
Once the CARD Act was passed, credit card companies began to see some areas of lost profit. Now, some companies are raising minimum finance charges to produce additional revenue. Read more
