Debt Term Calculator

When you have borrowed money, it can sometimes feel that you're stuck paying back the debt indefinitely. This does not have to be the case, and the Debt Term Calculator will help you to work out exactly how long it will take you to clear the debt at your current rate of repayment. For example, if you are paying off a £20,000 loan at a rate of £200 per month at an interest rate of 5%, it will take you a total of 10 years and 9 months to be debt-free. If you increased your repayment by just £50 per month at the same interest rate, it will take you just 2 years and 9 months off your total repayment term.



Alternatively, if you are unable to afford to pay back more of the debt each month, you could look at improving the interest rate of the repayment. If you are struggling with the repayments, it might be worth asking your credit card provider if they can freeze your interest rate at a lower level to help you meet the repayments. You could also look to swap to a new credit card provider offering a zero per cent rate on balance transfers for a set introductory period. This would enable you to make repayments to clear the debt itself, rather than also having to pay interest. Just make sure that you are disciplined and do not add further debt to the card's balance! The Debt Term Calculator could help you to shave months off your debt repayment time.