Have you ever looked at your bank account and wondered how long it might take to pay off all your debts? Whether this be money owed on credit cards, to a family member or through an existing loan, it is time to get the bank balance out of the red and into a healthy figure again.
If you are looking to clear any debt that you may have, or would like some assistance to set up a monthly plan in place, help is at hand from NatWest. To help make managing your money easier, NatWest has created a debt calculator.
The debt calculator is an interactive tool, which allows the user to calculate how much their total debt is, as knowing how much you owe is the first step towards becoming debt free. The amount of debt you input into the calculator can come from a variety of different sources including loans, overdrafts, credit cards, store cards, family and friends or other.
Using this information, the tool can then calculate how soon the user could pay off their debt by setting a regular payment amount. Alternatively, the user can set a specific date that they want to have paid their debt off by to calculate how much it means they will need to pay each month.
Breaking it down like this and working out how much you can afford to pay back in more manageable chunks will make your debt seem less daunting. There's no need to let your debt get on top of you, just remember to speak to your financial provider before you take any action.
To find out more or work out how you can tackle your debt, try the debt calculator here.