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Debt Managing Tools

Debt calculator, as the name suggests is a tool used for calculating monthly payments as well as the interest rates as applicable for a particular debt account. Debt calculators are of different types and each type performs a particular task.  Information about the different types of debt calculator is given in the write up below.

Debt calculator is a tool, which is used not only for the debtors but also for the creditors. With the help of a debt calculator an individual who wishes to avail a debt can calculate the rates of interest and the amount a debtor is required to pay per month. The debt calculator studies the current financial status of the debtors and accordingly works out the monthly payments of the debtor. In other words, a debt calculator helps in customizing a debt account.Types of Debt calculator:The following types of debt calculators are used widely. They are listed below.•    Debt Consolidation Calculator•    Debt Income Ratio Calculator•    APR Calculator•    Debt Reduction Calculator•    Credit Card Payment Calculator•    Unsecured Loan CalculatorIn order to make the best use of a debt calculator, a thorough understanding of the working of each of the debt calculators is essential. 1) Debt Consolidation Calculator:Debt consolidation is referred to as a condition when several debt accounts are clubbed into one and the debt is offloaded usually by making a single payment. The payment is usually made at a lower interest rate.Functions-The payment, which a debtor has to make every month if he wishes to opt for debt consolidation is calculated by a debt consolidation calculator. The time limit within the payment has to be made is found out. Amount of money saved from the debt consolidation program is also calculated with the help of this calculator.2) Debt Income Ratio Calculator:Debt to income ratio may be defined as the monthly debt obligations (total) to the monthly income (total) of an individual. The calculation is made depending on the individual’s liabilities as well as current income.Functions-This debt calculator helps a lender in estimating the debtor’s repayment capacity. This type of debt calculator also calculates the amount, which is being spent every month for making debt payments and payments for other recurring financial obligations.3) APR Calculator:APR or Annual Percentage Rate may be referred to as the cost incurred on the life of a loan every year (annually). Some of the costs may include loan fees, insurance costs, rate of interest, service charges, points as well as mortgage fees.Functions-With the help of this calculator, the APR of the loan may be calculated. This calculator is also very interactive. 4) Debt Reduction Calculator:Debt reduction includes different types of debt consolidation programs. Consolidating debt is the first step towards debt reduction. Functions-By using this debt calculator, a debtor is able to find out exactly how much money is being saved by debt consolidation. 5) Credit Card Payment Calculator:This debt calculator requires information about the following fields-monthly payments, principal amount and rate of interest. Functions-With the help of this debt calculator a card holder is able to know exactly how much time it will take to make full payment of a credit card debt. This calculator also helps in calculating the interest, which is required to be paid if the debtor opts for a minimum monthly payment.  6) Unsecured Loan Calculator:Unsecured loan may be referred to as a type of loan, which does not have any collateral against it. Some examples of unsecured loans may include medical bills, departmental store cards, credit card debts, student loans, bounced checks as well as personal loans. Functions-The unsecured loan calculator helps in the consolidation of multiple debt accountsFree Web Content, which are unsecured into one debt account. These debt calculators are usually online and one may use them from the comfort of ones office or home. The debt calculators also help in planning out a debt program effectively. The expenses incurred on a loan account may also be predicted and a debtor can be prepared accordingly.

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Jason Holmes is an author of Debt Consolidation Community. His articles have bailed out many people out of debt traps. His articles focus on debt consolidation programs, debt calculator, debt reduction plans and the like.

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