Debt Reduction Calculator

Oh My GOD! I think I just had a heart failure.

I just entered all my debts and current repayments into the debt calculator on this site. Then I checked out the repayment options underneath.

The first one told me I'd pay everything off in one year. LOL. Then I realized I'd entered the annual payment figures instead of monthly. so I changed the figures and I think I'm going to go and lie down now.

The stupid thing told me how much interest (SEVEN figures!!!)  I'm going to pay by the time I get myself out of debt in **2032***.   AAAAARRRRRGGGHHHHH!!!

I need a drink. And an aspirin. But I can't afford either. So I'm going to hit my head on a wall a few times til I pass out.

Ouch!  That's the first I've heard of anyone racking up 7 figures on that thing.  Look on the bright side, if inflation keeps up at this pace, by 2032 you could just skip lunch one day and come up with the 7 figures you need to pay off your debt. :-p

I'm assuming that's making minimum payments on all your debts.  The "fun" part is entering in hypothetical extra payments and watching those number plummet.  Once you wake up from your head pounding induced comma, give it a try and see if you can't find a ray of light in there somewhere.

In case anyone isn't sure what raven is referring to it's this tool.  http://www.destroydebt.com/financialplanner/

i might have to check mine out.....see how badly im doing.

Seriously, if you haven't put your debt figures into this tool by now ( http://www.destroydebt.com/financialplanner/ ) then you really should get in and do it.

I'm still in shock, but I admit that I've been extra careful about spending and extra vigilant about earning even more extra cash from my writing just to make that 7 figure interest bill after 30 years come down to maybe 6??

It's really motivated me to keep pushing harder

If that be the case we can hope the ancients were right and 2012 is the end of Earth as we know it. Does that offer any hope Raven ?

LOL "The end is nigh"... bring on 2012... whoever thought a doomsayer would be the one to offer hope to the hopeless?

You're such a helpful creature, awsheet. Thanks :)

I never understood that.  Saying the world comes to an end because your calendar is only designed to go so high is like saying automotive transportation is coming to an end because my odometer is only designed to go so high.