great debt calc/analyzer w/ options
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| Thu, 01-08-2009 - 11:37am |
This one lets you fill in your balance and min payment and then tells you how long it'll take to pay off w/ the minimums. Then if you tell it how much you'll pay instead, it gives you a new payoff figure and time, and if you say you want to have it paid in x years and x months, it tells you how much to pay and what to pay to each debt when. (That might sound utterly confusing, but it's super simple!)
Editing to add that this isn't just for CC. You can include any loan w/ a payment and a balance: auto, heloc, personal loan, etc.
Here's the info from the site at http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
DEBT REDUCTION PLANNER
About this calculator:
• Find out how long it will take to become debt free and how much you'll pay in interest by making the minimum monthly payments.
• You can also crunch the numbers using any fixed payment of your choice.
• If you tell us when you'd like to pay off the plastic, we'll tell you what payments you'll have to make to achieve that goal. You might be surprised.
Goal #1: Build an emergency fund.
Goal #2: Get rid of as much debt as possible before we build our new house.
Goal #3: Build a house with more than one bathroom for the 7 of us!
Hoping to see a snowstorm in 2009!
Edited 1/8/2009 12:27 pm ET by sohappilyme

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Chris