Hello-

I wanted to start this blog off by showing you a free debt reduction calculator that you can use to see when you will be debt free.  It’s brought to you by CNN Money

http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

You enter in your credit card name, credit card balance, interest rate, and minimum monthly payment.

You do this for all your cards and then you choose your method for getting out of debt.

You can choose to make the minium payments and see how much money you will throw away on interest.

You can choose to make a fixed payment each month and see how long it will take you to pay it all off.

Or you can choose a set deadline to be debt free and see how much you need to pay. So let’s say you want to be debt free by June 2011 then it will tell you what you need to pay.

So if you are planning a wedding or planning to buy a house and want to pay off all the credit cards before you take the big steps, you can plan out your budget and see how much you need to pay to start paying off all your credit card debts.

So go check out this free debt reduction calculator and enter your numbers and see how much money you can save if you pay more than the minimum.

http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

Thanks for reading.

-A

Here is a UK based debt reduction calculator for any UK readers.

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