The Amazing How to Get Out of Debt Calculator

I used to have an interactive calculator to compare debt options, but sadly the upkeep on that calculator became unmanageable to produce accurate results.

The debt relief landscape is a shifting pile of sand.

However, the chart below clarifies the reality of different options. For example, you will notice bankruptcy gives you the fastest way to get out of debt, and credit counseling is not practical for quick results or boosts retirement savings fast.

The images used in the graphic are:

RED – Nope
GREEN – Good

debt calculator

If you have any specific questions about how any of these options will impact you, you can always have a chat with Damon Day or search the site for more information like this and this.

19 thoughts on “The Amazing How to Get Out of Debt Calculator”

  1. I owe $6600.00 in credit card debt. I am going into assisted living and most of my income will have to pay the bill. I will only have about $250 a month for personal expenses. A lawyer I called about filing for bankruptcy said to simply quit paying on the credit cards. I have nothing and so they can take nothing. I no longer care about my credit score since I’m at the end of my life and will not need it to make any purchases. Is the lawyer’s advice good? Is there another option?

    • Jan. Thank you for reaching out and asking for some feedback. The lawyer is somewhat right.

      It is unclear what assets you might have. If you don’t have any the creditors might not be able to collect on any judgment they may get after suing you for default.

      The big advantage of bankruptcy in your situation is it closes the door on the debt. Actually slams it shut. Otherwise, you or someone managing your affairs should expect to hear from debt collectors, and even be served with a lawsuit against you over the unpaid debts. I don’t know how many creditors you have at this point. So we might be talking about 1 or 10. I don’t know.

      But a less expensive and very helpful option would be to contact the folks at HELPS that can run interference with your creditors for a nominal amount each month. See https://helpsishere.org and let me know what you think after you talk to them.

  2. Hi Steve,

    Thanks for the helpful calculator. It was not far off from the DMP that MMI drew up for me. I am wondering if people who have average credit card debt, with no other outstanding balances such as home mortgages or other personal loans, have had success paying off their CC debt in full working with MMI.

    I have tried to read reviews about this company, they seem to be one of the “legit” non-profit organizations. However, I have read elsewhere that years ago they were involved in a lawsuit in which claims were made that they were taking payments from their customers and paying creditors as well as themselves with it.

    I am a little apprehensive about moving forward with this DMP until I have some more information.


  3. Hi,

    Which has the most positive impact on my credit rating? Please note that I am not getting calls and am not behind with any payments. I am just looking to condense…I am uncertain as to what you’re offering? If it’s a loan, what is your interest rate? All of my credit cards and lines of credit are at most 11%


  4. I just filled in the Debt Calculator, curious to see what would come up. But nothing happened. Maybe the web page is down?

    Would there be an alternative for submitting my list to get the calculator results?

  5. I have an account with you and have been trying to call…all I get is music. What is going on???? I will report this to BBB soon if I dont get it resolved.

  6. The calculate button doesn’t seem to be working. I’ve inputted the information and clicked calculate and there doesn’t seem to be anything being processed? I’ve attempted both in Chrome an Edge.

  7. Thank you for your information I’m in a situation between enter to debt consolidation program or use the law network which they claim I won’t have phone calls and it won’t hurt my credit score but I cannot find that much information about them is very limited I don’t know which way turn I’m a single mother trying to really pay my bills in an easy way


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