Do your research before choosing a debt relief product.
Get a debt repayment estimate before you begin any debt relief program.
Repaying $20,000 in Debt:
Credit Counseling - Expect to repay all $20,000 + interest + fees in a credit counseling program.
Debt Consolidation - Not much better. You repay all $20,000 + interest in a debt consolidation program.
Debt Settlement - You could repay as little as $11,000 to settle your debt. No interest, no late fees.
Debt Relief - Calculate Your Savings
There are several ways to reduce or eliminate your debt. These include Credit Counseling, a simple Debt Consolidation loan, doing nothing (or, paying only the minimum payment required by your credit card), and working with a Debt Settlement company to negotiate a settlement for your debt. Enter your total unsecured debt and interest rate in the boxes below, to see what you will pay, and what you will save, by taking each of those actions to pay off your debt.
Your Debt: $25,000.00*
Consolidation Loan
Credit Counseling
Do Nothing (Pay Minimum Only)
Debt Settlement
Principal
$25,000.00
$25,000.00
$25,000.00
$25,000.00
Months to Pay Off
60
60
410
36
Interest Rate
11.0%
9.0%
18.9%
None
Total Interest
$7,613.63
$9,018.01
$43,398.28
None
Monthly Payment
$543.56
$569.92
Variable**
$381.94
Total Cost
$32,613.63
$34,018.01
$68,398.28
$13,750.00
* All figures on this page are examples only. Rates, payments and settlement amounts vary, and are subject to change.
** Minimum payments for credit cards are a percentage of your remaining balance, and will change each month.
