Debt relief calculator
See what your credit card debt costs if you keep paying, consolidate it into a loan, or settle it. Change any number and the results update.
Your estimate
| Keep paying | Consolidation loan | Debt settlement | |
|---|---|---|---|
| Monthly | |||
| Debt-free in | |||
| Total you pay | |||
| Credit impact | None if on time | Small dip, then often helps | Significant drop |
| Other risks | Interest keeps adding up | Must qualify; don't run cards back up | Lawsuits possible; forgiven may be taxable |
Estimates only, for comparison. Keep-paying assumes a fixed payment and no new charges. Consolidation assumes the fee is taken from the loan, so you borrow enough to cover it. Settlement assumes every account settles at the percentage you entered; real results vary, some creditors won't settle, and balances can grow while you save. Not a loan offer or a quote.
Next step: get matched with a lender, settlement company or bankruptcy attorney for real numbers. It's free and doesn't pull your credit.
How to read the results
If your current payment barely covers the interest, keeping the same payment can take decades, or never finish. A consolidation loan wins when you can qualify for a lower APR and stop using the cards. Settlement usually costs the least on paper but carries the most risk to your credit. If even the settlement deposit is out of reach, compare bankruptcy; see what it costs.
Questions people ask
How accurate is this calculator?
It's an estimate. Real loan rates depend on your credit and income. Real settlement amounts depend on each creditor, how far behind the account is and what you can offer. Use it to compare options, then get actual quotes in writing.
Why does the settlement total look so much lower?
Settlement pays less than the full balance, but it comes with costs the total doesn't show: a significant drop in your credit score, possible lawsuits while you save, and possible income tax on the forgiven amount.
Where's bankruptcy?
Bankruptcy costs depend on your state, your income and your attorney. Court fees are $338 for Chapter 7 and $313 for Chapter 13. See how much bankruptcy costs.
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