The Amazing How to Get Out of Debt Calculator

The following calculator will give you an idea of the general solutions that are available to help you get out of debt. The example given are illustrative only and any plan to get you out of debt will need to be fine tuned with a debt relief provider you select.To begin with, please see the table below to compare your debt relief options. As you’ll be able to tell, each debt solution has its own advantages and drawbacks. For example, a Debt Settlement Plan will not improve your credit or stop collection calls, while a Debt Consolidation Plan will.

Feel free to compare your available debt relief options, then use the Debt Relief Plan Comparison Calculator to enter your debts and get an estimate of what these plans will cost you, and what kind of interest you’ll be paying.


Calculator Instructions

1) Enter your credit score.

2) Enter the outstanding balance of your account and its APR.

3) To add additional accounts use the "Add Account" button.

4) To remove an account use the "Remove Account" button.

5) Click the "Calculate" button to see your results.


Plan Comparison - Summary

Plan TermsDebt SettlementDebt Management Minimum PaymentsDebt Consolidation
Monthly Payment
Total Interest Paid
Total Amount Paid
Months to Payoff

Individual Plan Details

Debt Settlement Plan

DSP Sample Program CostCost Per Month
Total Debt: Avg Settlement: Settled Amount: Service Fee Rate: Actual Service Fee: Total Amount Paid: 15 Months: 18 Months: 24 Months: 30 Months: 36 Months: 42 Months: 48 Months:

Debt Settlement Plan Information:

A debt settlement plan is not for everyone. It is best utilized by people that have cash on hand to settle now or who can raise cash to settle. Settling your debt will most likely result in collection calls and the possibility of being sued by a creditor prior to settlement. It will also result in a negative mark on your credit report for seven years and if you are solvent after settling your debt you may owe income tax on the the forgiven debt above the point where you were insolvent. Consult your tax advisor for details.

Debt settlement program fees are typically either based on the original balance or the current balance at the time of settlement. The current balanceapproach typically results in a higher program fee because additional fees and interest will most commonly be added by the creditor because of the time delay between when someone enrolls and they accumulate enough funds to settle the debt. In an original balance priced program the same balance increases can occur but the cost of the program is based on the debt at the time enrolled and not at the time settled.

Debt Management Plan

Default Payments Calculation: Monthly Payment: Debt Management Fees: Total Monthly Payment: Sum of Balances: Sum of Interst Paid: Total Amount Paid: Number of Months:

Debt Management Plan Information:

The Debt Management Plan Calculator provides a schedule for paying off your creditor accounts. A default multiplier of 2.15% is used for determining your Monthly Payments: [ 2.15% x Account Balance = Monthly Payment ]. An additional DMP fee of $10/month per creditor account is also applied, not to exceed $50/month combined.

A debt management plan is typically administered by a nonprofit credit counseling organization. Enrolling in a debt management plan can negatively impact your credit since your included accounts will be closed. All unsecured credit accounts are typically included. Your debt will not be fully eliminated until all payments are made. If you miss payments in the plan or drop out before completing all payments, fees, original interest and charges may be added by creditors. While there may be some adjustment of the interest rate charged in the program, there is no balance forgiveness. The plan payments are dictated by the creditors to the credit counseling administrators. There is little to no negotiation involved. While in the program, collection calls generally stop, interest rates are reduced and fees are eliminated.

Minimum Payments

Monthly Payment Calculation: Average Monthly Payment: Sum of Balances: Sum of Interst Paid: Total Amount Paid: Number of Months:

Minimum Payment Information:

The Minimum Payment Plan Calculator provides a schedule for paying off your creditor accounts. A default multiplier of 3% is used for determining your Monthly Payments: [ 3% x Account Balance = Monthly Payment ].

This is an estimate of the total amount of payment you would make by reducing your debt by following your creditor minimum payments and not use any alternative approach to digging your way out of debt. Making minimum payments does not negatively impact your credit but can keep you in debt for a substantially longer period of time that if you implemented some type of intervention as illustrated on this page.

Debt Consolidation

Please note, Consolidation Loans are currently capped at $35,000.

Consolidation Loan Breakdown: 60 Months at

Starting Balance: Monthly Payment: Interest Paid: Interest Rate: Total Amount Paid: Number of Months:

Debt Consolidation Loan Information:

If your credit score is 700 or above you may be eligible for an unsecured debt consolidation loan available from a peer-to-peer lending network. These networks facilitate loans typically at a lower cost than banks and make their loans more available to the average person. These loans are funded by people, not banks, in an effort to help other people in need.

A debt consolidation loan may improve your credit rating if you make timely payments. For example it can payoff your current credit card balances but will not close the underlying credit cards themselves which preserves your good credit history. Since this would be an unsecured loan you do not need collateral or to place your home at risk.

These loans are typically available for up to 60 months and are currently capped at $35,000. Interest and fees would be based on your credit at the time of application but full transparent details are available.


Bankruptcy Information:

Bankruptcy is a legal and appropriate intervention for problem debt. In this court administered financial fresh start approach about 70 percent of consumers obtain a total discharge of their debt under a Chapter 7 bankruptcy in a matter of months. The remaining consumers repay their debt in a Chapter 13 bankruptcy plan over a three to five year period based on what they can afford. Bankruptcy will hurt your credit but if you follow this guide you can quickly rebuild your credit and be back in good shape often faster than with an extended repayment program. When you file bankruptcy it typically stops wage garnishments, stops collection calls, and prevents creditors from suing you.

Cost: Expect to pay between $1,700 and $3,100 for bankruptcy. The cost will depend on the type of bankruptcy you file and what part of the country you live in.


  • 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 and let me know what you think after you talk to them.

  • 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.


  • 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%


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