The other day I got an email from a reader asking "Come on, how can your debt calculator help me get out of debt? It just makes me feel bad to see how much I owe."
OK, I can certainly understand that type of feeling. Nobody wants to know just how bad their financial situation really is, especially if there is no easy way to fix it. There's nothing noble about admitting you have lots of debt.
So I thought about coming up with a nice way to tell her "If knowing how much debt you have makes you feel bad, then you need to face up to the reality of your situation!"
I didn't want to be mean about it. But the hardest thing - and by far most important thing - you can do when you have too much debt is to know EXACTLY where you stand. Nothing good happens when you pretend your situation is not that bad. And nothing good comes from closing your eyes and ignoring the truth.
Sure, the truth hurts. And it hurts a lot.
Maybe that will help you open your eyes and do what needs to be done to fix the problem!
If you only have a little bit of debt, and just want to see where you stand, that's fine. But if you're in way over your head, and you're losing sleep because of your credit card bills, then it's time to wake up!
So here are the 3 most important pieces of information you can get from a credit card debt calculator:
You'll learn how long it will take you to get out of debt.
Will it be shocking when you learn it will take you 13, or 2, or 54 years to pay off your credit card bills? OF COURSE!!! But without this type of shock, some people would keep charging until their cards blew up. Well, that's a little dramatic. But they'd certainly keep charging until they are all maxed out & they can't get any more. So better to learn the honest truth as soon as possible.
You'll learn how many bills & how much debt you really have.
You can't fix a problem unless you know how big the problem really is. And you can't understand how much you need help until you see it written down in front of you. So grab all of your credit card bills, all of your other monthly bills that you're behind on paying, and write down a list on a piece of paper. Forget the computer, writing it down makes it even more meaningful. List the amounts you owe, the minimum payments, and the interest rates. Then...
You'll learn the importance of coming up with a plan & sticking with it.
Here is the MOST IMPORTANT thing you'll learn - how to fix the problem. You have a few choices here. You can do it yourself, using debt snowball or debt avalanche. You can borrow money from a relative. Or you can get professional debt relief help. It doesn't matter which solution you choose. Just DO SOMETHING! Come up with a plan. And start doing it right away.
Time is your biggest enemy when it comes to debt. The longer you've been in debt, the longer it will take you to get out. The longer wait to get started, the longer it will take you to get out.
So use this information to change your financial path in life. Once you've started to take control, and start working on your plan, you'll start feeling a lot better!
See how long it will take you to get out of debt:
Credit Card Debt Calculator