How long will it take you to get Debt Free
Wouldn’t it be nice to be totally Debt Free? Wouldn’t it be nice to find a magical money tree so you could pay everything off? I was watching the news tonight and they said that Lottery Sales were way up. They said that people during a time of recession they look for magical way to pay off their bills, are they looking for a magical tree? If you don’t win the Lottery than how long will it take you to pay off your debt by paying your current payments ? To get a better idea check this out;
Debt Free Calculator
First add up all your current debt including your mortgage.
Second then get a average Interest rate. You can do it mathematically or just take the middle of your highest and lowest current rates.
Third adfd up your current monthly payments you are paying towards the debt monthly that you did in step one.
Fourth click on now or next payment. I just use now myself.
Fifth hit Calculate button.
Now it will show you how many months it will take you to get debt free and how much Interest you will pay.
Fun Tool
At work we had fun the other day taking current debt numbers and changing the monthly payment amounts to see how soon they could get out of debt. I would suggest first seeing how long to payoff all your debt excluding your mortgage and then include your mortgage and see what it shows. If you have any ideas or suggestions that could help others let us know. Have a great day.
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