This Debt Calculator Saved Me from a Debt Bomb 💣[and $3,750!] | Summary and Q&A

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March 19, 2018
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Let's Talk Money! with Joseph Hogue, CFA
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This Debt Calculator Saved Me from a Debt Bomb 💣[and $3,750!]

TL;DR

Learn how to use a loan payoff calculator to consolidate your debts and save thousands on interest.

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Questions & Answers

Q: How does the loan payoff calculator work?

The loan payoff calculator helps users list their debts and input the necessary details. It then calculates the time and money saved by consolidating the debt into one loan.

Q: Is it better to pay off lower-rate loans or focus on higher-rate ones?

The calculator suggests concentrating on loans with rates above fifteen percent, as the impact of debt consolidation is more significant for higher-rate loans like credit cards.

Q: How can annual fees affect the total interest paid?

Annual fees, especially for credit cards, can significantly increase the amount you lose by keeping those cards open. Considering these fees is essential when inputting debt details into the calculator.

Q: Can the calculator provide an estimate for personal loan rates?

The video suggests using personalloans.com to estimate personal loan rates. The link is provided in the video description for convenience.

Summary & Key Takeaways

  • This video provides a step-by-step guide on using a loan payoff calculator to effectively pay off debt and save money on interest.

  • The calculator allows users to list their debts, including mortgage, credit card, auto loans, and student loans, and input the balance, interest rate, monthly payment, and any annual fees.

  • The calculator shows how consolidating debt into one loan can significantly reduce the payoff time and save a significant amount of money.

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