Do you have debts that you need to pay off? Creating a repayment plan is a step in the right direction, but it's important you know how much you can afford to repay and how soon you will have repaid it.

The debt calculator allows you to model repaying a debt in a specific timeframe or repaying a set amount.

Starting repayments now could help you be debt free sooner - the longer you take to repay the money, the higher the amount of interest you will need to repay too.

Even small repayments could make a difference to your future!

Debt balance

Interest

Debt balance

Payments

Interest

Year | Payments | Interest | Balance |
---|---|---|---|

Repayments are not large enough to pay off debt. |

Remember that ongoing debt will likely limit your flexibility to save for your future, and to spend on what truly matters.

Now that you've seen how you could repay your debt, it's time to take action!

- ›Get more tips to pay off and prevent debt - www.icmarc.org/debt ... and to spend wisely — www.icmarc.org/spend
- ›Need to free up extra cash? Find expenses to cut www.icmarc.org/smallchange.
- ›Take steps to boost and protect your credit score, which can impact how much you pay in interest for credit and debt — www.icmarc.org/creditscore.
- ›Learn more about paying down student loans — www.icmarc.org/collegedebt.

The results shown by the calculator are for illustrative purposes only and do not guarantee any future outcome. The calculator makes certain assumptions about how interest is calculated and how it is applied to a debt product. Your actual debt repayment may differ from the estimated figures shown. Assumptions include the following:

- Your first debt payment begins the first day of the next month.
- Interest is compounded at the same frequency as the repayments. For example, interest is compounded monthly if the debt is repaid on a monthly basis.

For any loan you are considering, you should find out how the interest you will owe is calculated. For example, the more frequently interest is compounded, the higher the annual interest rate, resulting in a higher cost of debt over time.

Any choices you make or data that you enter while using the calculator are erased once you have finished using the calculator. However, you have a responsibility to ensure that you exit the website when you are finished with the calculator, especially if you leave your computer for any length of time.

The calculator should be used in conjunction with other available communications and not as the sole source of information when making decisions about your personal finances.

You may wish to seek independent financial advice before making any personal finance decisions.

Total Debt Burdern | 0 |

Total Interest | 0 |

Debt free in | 0 |

Expected payment | 0 |

Amount Owed | |

Repayment | |

Payoff Time | |

Paying | |

Interest Rate |

icma-rc/1.0.2r4

The results shown by the calculator are for illustrative purposes only and do not guarantee any future outcome. The calculator makes certain assumptions about how interest is calculated and how it is applied to a debt product. Your actual debt repayment may differ from the estimated figures shown. Assumptions include the following:

- Your first debt payment begins the first day of the next month.
- Interest is compounded at the same frequency as the repayments. For example, interest is compounded monthly if the debt is repaid on a monthly basis.

For any loan you are considering, you should find out how the interest you will owe is calculated. For example, the more frequently interest is compounded, the higher the annual interest rate, resulting in a higher cost of debt over time.

Any choices you make or data that you enter while using the calculator are erased once you have finished using the calculator. However, you have a responsibility to ensure that you exit the website when you are finished with the calculator, especially if you leave your computer for any length of time.

The calculator should be used in conjunction with other available communications and not as the sole source of information when making decisions about your personal finances.

You may wish to seek independent financial advice before making any personal finance decisions.

icma-rc/1.0.2r4