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Consolidate My Debts Tool
The Consolidate My Debts tool will show you how to $$ save thousands of dollars $$
in interest by consolidating your debts into one simple monthly payment. You can extend the payment time to
achieve a lower monthly payment, or you can accelerate your payments and save even more in interest charges.
This tool will help you determine how much you will save in interest charges based on different consolidation loan scenarios.
You can determine how the debt consolidation loan's interest rate or repayment length will affect your interest savings vs.
paying off your debts one at a time.
Debts are entered using the Pay Off My Debts tool. When a Debt Repayment Plan is selected,
the total debt, monthly payment (based on minimum payment or interest charge + $10), time it will take
to pay off, and the total interest charged will be calculated. Enter the APR for your debt consolidation
loan and the number of years in which you will pay off the loan. The monthly payment and interest savings
(or expense) will be calculated.
Typically, debt consolidation loans fall into two categories: Lower Payment or Lower Interest Charged. To lower
your monthly payment you may have to extend the time period in which you repay the loan. Home equity loans are the
most frequent type of Lower Payment loan. You may be given 10, 15 or even 30 years to repay the home equity loan.
While this may lower your monthly payment, it will increase the amount of interest you are charged.
The Lower Interest Charged type of debt consolidation loan may cause you to pay a higher monthly payment but you
will save thousands on interest charges and usually pay off your debts sooner.
In the above example, Dave has chosen to get a Lower Interest Charged debt consolidation loan by increasing
his monthly payment to $800. With this loan he will be able to have his debts paid off in only 3 YEARS and
will save over $4000 in interest charges.
The Scenarios buttons allow you to create multiple scenarios with different values. The scenarios may also be printed for
comparison and review.
When you select the Print Scenarios button the following window appears:
Check the box next to each completed scenario that you want to print then select the View or Print button.
Next: Calculate Loan Payments
Click on a button above to learn more about the tool.
Order Simple Joe's Money Tools
Simple Joe's Money Tools gives you the financial tools used by the professionals!
Download Simple Joe's Money Tools for only $29.95 or $39.95 for download and CD (including USPS Priority shipping within the US).
Order with confidence! All Simple Joe products have a 100% lifetime money-back guarantee!
Choose either one of our convenient and simple ways to order:
Purchase Online Order a CD by Fax/Mail
Don't wait! You can take control of your financial destiny today.
Simple Joe's Money Tools are the tools you need.
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