If you’re trying to get out of debt, Money Coach Group’s debt repayment calculator can help you figure out a general estimate of how long it could take.
To fill out the calculator you will need:
Total balance owed
Estimated average interest rate
Expected monthly payment
TIP: If you’re unsure what your average interest rate is across your debts, you can try running balances through the calculator separately with loan-specific average interest rates or use a broader interest rate average of 17 – 24% to give you a general idea of the amount you’re paying to borrow money.