Debt Calculator

Debt Calculator

Debt Calculator

 

 

Principal Months to Pay off Interest Rate Total Interest Monthly Payment Total Cost
Do Nothing min. payments
Credit Counseling
Consolidation Loan
First Choice Debt Relief

With First Choice Debt Relief:

Your Total Savings: $0.00

Savings off Principal: $0.00



Total Amount Paid

Total Interest Paid


Monthly Payment

Months to Payoff

Calculate Debt Payoff Time and Budget

One of the most challenging aspects of dealing with debt is figuring out which method will save you the most money in the long run. With so many options available, it can be overwhelming to determine which path to take. That’s where First Choice Debt Relief comes in. We understand that each individual’s financial situation is unique and requires a personalized approach.

When comparing our services to other popular debt reduction methods, such as minimum payments, credit counseling, consolidation loans, and our own debt settlement plan, the numbers speak for themselves. Using our Debt Calculator tool, you can input your current debt balance and compare the savings offered by each method.

Minimum Payments

Let’s start with minimum payments – while it may seem like the most straightforward option, it actually ends up costing you the most money in the long run. By only paying the minimum amount due each month, it can take years to pay off your debt, and you’ll ultimately end up paying significantly more than what you originally owed.

Credit Counseling plans

Credit counseling may seem like a better option at first glance. However, this method involves combining all of your debts into one monthly payment through a credit counseling agency. While this can help you stay organized, it doesn’t actually reduce the amount of debt you owe. You’ll still be paying back the full balance plus interest over time, and often times the monthly payment isn’t reduced by much, if at all.

Consolidation Loans

Consolidation loans, on the other hand, involve taking out a new loan to pay off all of your existing debts. The idea is that this new loan will have a lower interest rate than what you were previously paying, making it easier to pay off your debt. However, this method requires a good credit score and often comes with hidden fees and high interest rates. Your Debt-To-Income ratio (DTI) must also be low, but most people who are looking for help with their credit cards are doing so because now their Debt-To-Income ratio is too high. Now more than ever, its very difficult to qualify for a loan at all, let alone one with a lower interest rate.

Debt Settlement Plans

At First Choice Debt Relief, we offer a debt settlement plan. This involves negotiating with your creditors to reduce the overall amount of debt you owe. Through this method, you get your credit card debt reduced, a payment that is far less than minimum payments (typically around half!), get out of debt in most cases around 24-48 months, and pay far less overall versus paying minimum payment. And with our Debt Calculator, you can see the potential savings for yourself.

But it’s not just about the numbers – we also offer personalized support and guidance throughout the entire process. Our team of experts will work with you to create a customized plan that fits your specific financial situation and goals.

Next step

So before making any decisions about how to tackle your debt, it’s important to do your research and explore all of your options. Our Debt Calculator is a great starting point to understand your current path, what the options are, and the potential savings and benefits of debt settlement with First Choice Debt Relief.

Take the first step towards financial freedom today. Give us a call at 1-800-631-5573!

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Questions

Call us and speak with a debt relief specialist to answer any questions you may have.

find out debt relief options

Get Started

See how much you can save.

debt specialists on-call

Questions

Call us and speak with a debt relief specialist to answer any questions you may have.

find out debt relief options

Get Started

See how much you can save.