Time to Pay Off Debt
How long will it take me to pay off my debt?
If you are concerned about your debt and want to look seriously about getting it cleared, the Time To Pay Off Debt Calculator can help you to make a plan.
- First enter the total debt that you owe.
- Enter the interest rate that you are paying on top of your actual debt repayments. If you owe money to a number of creditors, add up the different interest rates and then divide the total by the number of people or companies to whom you owe money.
- Finally enter the monthly payment that you can afford to spend on paying off your debt each month.
The result will tell you the number of months or years that it will take you to pay off your debt.
For example, if you owed £10,000 at an interest rate of 13% and you were able to pay off £200 per month, it would take you 6 years and 1 month to clear the debt. By increasing the amount that you pay back each month, you can work out how you can decrease the amount of time it takes you to become debt-free. The Time To Pay Off Debt Calculator can therefore motivate you to pay off your debt more quickly.