Managing your living costs while maintaining regular credit repayments can be extremely difficult, especially if your contractual repayments do not leave you with enough money to pay for your rent or mortgage and household bills.
Debt calculators are a quick and easy method of analysing your financial situation and can illustrate exactly how much of your income is going towards credit repayments and how much you are left with to pay for this month’s rent, bills, etc.
If you browse the internet particularly Google looking for a debt calculator, you are likely to find a lead generation tool which promises to help you write off up to 85% of your debt. These sites are best avoided as they are looking to sell your details onto debt solution providers.
A debt calculator should help you:-
- Work out how much you owe to your creditors
- How much you are paying to each creditor and in total each month
- Help you work through your income and expenditure
- Figure out how much money you have left at the end of the month to pay towards your debt
The Debt Advisor has developed such a tool which is free to use. We have a quick calculator which help you work out how much of your take home pay is going on debt payments.
The full debt calculator will help you calculator more accurately how much of your income is going to debt payments; this tool is great for setting up a budget and analysing all of your outgoings.
The tool provides helpful indicators. If you find you really cannot afford your debt payments, get in touch by calling our helpline 0800 0851825, requesting a call back or sending a SMS whatsapp to (include Mobile number).
The Debt Advisor Ltd is regulated by The Financial Conduct Authority No 659920 and can offer help and advice on all debt solutions. There is also free advice available through The Money Advice Service who you can call on 0800 138 7777.