Debt consolidation calculator helps you to find the exact monthly payments payable within a specified time so that you can consolidate all your debts into a single debt thereby saving you a lot of money.  The debt calculator is designed to help you even to determine if debt consolidation is right for you.  You can enter your credit card dues, auto loans and other loan instalments and balances into the calculator. You can change the consolidation amount, rate and term and create a loan that can easily be accommodated within your budget.  Getting out of debt is a complex and difficult procedure. The debt calculator will calculate and give you the detailed results.  Finding such information may inspire you to find ways to clear the debts and move towards a healthy financial future. If you have multiple loans and bills to pay it is possible that you will be paying interest for decades amounting to thousands of dollars.  The debt consolidation calculator plays a vital role in consolidating your debts and in determining how much you can save by consolidating your debts. You will not only know much you will have to pay every month but also how soon your will be out of debt.

Benefits of the debt consolidation calculator:

• Get you out of debt in an average period of 4-8 years
• Reduce the interest rates to an average between 0%-8%
• Reduce your monthly payments by up to 60%
• Combine many different debts into one simple, easy monthly payment
• Ensure that all creditors are always paid on time
• Stop creditors or collection agents from harassing you for payment

List of Debt Consolidation Calculators:

• Accelerated Debt Payoff Calculator
• Debt Consolidation Calculator -1
• Debt Consolidation Calculator -2
• One Time Investment Debt Calculator
• Simple Debt Consolidation Calculator
• Debt Investment with Amortization Calculator
• Debt Raito Calculator
• Debt Investment Calculator
• Debt Payoff Goal Calculator
• Debt Investment Home Equity Calculator

Definitions of terms used in debt calculators

Credit Cards – The credit card debt and average rate of interest. You can enter multiple credit card accounts here.

Auto loans – Put your monthly payment, the term and the starting balance and how many more months are left to complete the payment.  It calculates the balance outstanding and the interest rate.  Here you can enter your auto loan details.

Other loans – Any other additional loans and their instalments can be entered here.  You can input the monthly payment, the number of months, starting balance and the number of month that remain yet to be paid.  You can enter different loans details here.

Balances – This is where you can enter current balances of your credit cards, auto loans and all other loans.

Interest rates – This is the per annum percentage that you pay.  Based on each of the categories entered such as credit cards, auto loans and other loans, the interest rate is calculated.  

Payment – This will be you initial monthly payment. Your monthly payment is usually calculated as 2 percent of the current outstanding balance.  

Companies find debt collection a huge problem and normally do not have the resources to put in to collect their due receivables. It is all the more difficult for the in-house collection staff to collect dues from abusive consumers.  The services of the professional debt collection agencies should be considered as their sole function is to collect dues from the defaulters. To prevent abusive practices in the collection of debts from the consumers and to promote fair debt collection practices the Fair Debt Collection Practices Act (FDCPA) added the Consumer Credit Protection Act in 1978.  This act gives an opportunity for the consumers to dispute and obtain validation of debt information to ensure the accuracy of the information.  The act has also created the guidelines for debt collectors involved in the debt collection business and also defines the rights of the consumers with the debt collectors.  Under this act penalties and remedies for violations are also prescribed.  It is used in certain cases in conjunction with the Fair Credit Reporting Act.

Types of Debt Collection Services:

• Data collection services
• Collection credit services
• Collection financial services
• Check collection recovery services
• Agency collection recovery services solution
• Diversified collection services
• Refuse collection disposal services

The debt collection agencies work on commission basis and a lower fee means they get paid less and are less motivated in collecting.  One should understand that they are also businesses and aim to earn profit. If they get low fees that means they would cut back on their efforts to collect debts to earn profits and would result in not achieving the desired level of collection. So the alternative method is to share a certain percentage of the money collected with the debt collection agency. If consumers are aware of the Fair Debt Collection Practices Act, and learn their rights, they can proactively make a plan to talk to the debt collectors. The following are prohibited as per this act:

1. Contacting  and disclosing the consumer’s debt to others
2. Contacting the consumer after being asked to stop and causing the phone to ring or repeatedly engaging the consumer in conversation in an attempt to annoy abuse or harass the person at the receiving end.
3. Contacting the consumer at their place of employment.
4. Contact the consumer after receiving the consumer’s written request for verification of the debt amount.
5. Misrepresenting the debt amount or using deception such as posing as an attorney or law enforcement officer.
6. Threatening arrest or legal action that are not permitted or legally contemplated.
7. Using abusive language in communication in relation to the debt.
8. Contacting by using post card any other embarrassing media.
9. Report false information on the consumer’s credit report or threatening to do it during the debt collection process.
10. Use any unfair practice to collect the debt.

Consumers should conduct all communications with the debt collection agency in writing.  They can report any violation of the act to FDCPA in writing.