I recently discovered a website, www.Whatsthecost.com. You can type in the balance of your debts and annual percentage rates (APR) and it will calculate how much in interest you will pay and how long it will take you to be out of debt. It may come up with UK currency. If you look on the right hand side there is a spot to change the currency to US.
It may be discouraging to see how long it may take to be out of debt. But if you consider adding a little more to your payments each month, it can usually make a big difference in how long it will take to pay off your debts.
On the left side there is a link for snowballing. Snowballing is when you list your debts either from smallest balance due to largest or from highest APR to smallest. Either way works, whichever you are more comfortable with. The thinking behind starting with the smallest balance is that by paying off one balance you will keep your momentum going. If you pay the minimum payments on all of your debts and then any extra you can spare to the first bill. Then you take the amount you were putting towards that bill to the next one until that is paid off and so on.
There is also a calculator that shows how much you will pay in interest on your mortgage. With that too if you are able to apply additional money to your principal, you can cut down on the amount of interest you pay and will have your mortgage paid off sooner.
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