This loan calculator tells you how fast you could pay off debt and interest

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Almost a quarter of consumers, or 28 million people, have added to their credit card debt due to the coronavirus pandemic, according to a recent poll. Even before the full economic effects of the pandemic begin to hit consumers, total household debt reached $ 14.3 trillion in the first trimester.

If you’re taking on new debt or trying to pay off what you owe, our loan calculator can help you see how much you’ll pay monthly, how long it will take to pay off the debt, and how much you’ll pay in interest. It can help you understand how much money you can save by pay more than the minimum every month too, if you can afford it.

You can also use the calculator to see how much you can save with a lower interest rate, which might be the boost you need to call your credit card company, consolidate your debt, Where create a plan to increase your credit score.

More from Grow:
How to take advantage of low interest rates and save money
The 15 most requested jobs, some of which bring in more than $ 80,000 a year
How ‘cleaning up’ helped a 34-year-old man pay off $ 45,000 in debt in 3 years

Whether you are looking to finance a new residence Where auto, repay your student loans, or you wonder how much carry that credit card balance will cost you in the long run, enter your information below to determine the best debt repayment plan for you.

How to get out of debt


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