SAN MATEO, CA--(Marketwire - Dec 11, 2012) - Consumer money resource Bills.com today unveiled its Debt Consolidation Calculator, a new tool designed to help consumers quickly understand their total debt obligation. The calculator provides an at-a-glance assessment of the total lifetime cost of all debt lines based on loan size, interest rate and monthly payments.
"The Debt Consolidation Calculator is a fast, easy and free way to tabulate your total debt obligation," said Jon Pedley, vice president of product management at Bills.com. "It helps consumers understand how much they will really pay on a loan and the best way to minimize that burden."
The Debt Consolidation Calculator makes it easy to understand how much a person will pay over the life of a home, auto, or student loan or credit card. Users input the amount of their loan, interest rate, and their monthly payment to compute the total cost of the loan. Each line of credit can be totaled separately or with another.
In addition to explaining the basics of borrowing, the Debt Consolidation Calculator provides customized recommendations for users to reduce each line of credit. These options could include refinancing a loan or consolidating debt lines.
For example, an individual paying $300 a month on $15,000 of credit card debt at 17.5% interest will pay a total of $27,067 over the life of the loan. A student, home or auto loan can be added to determine the cost of all debts. The Debt Consolidation Calculator might suggest refinancing an auto loan into an available lower rate to save money or lead the user into the Bills.com Debt Coach to explore options for dealing with credit card debt more deeply.
Bills.com is the leading resource for free and personalized money help. Founded by a group of financial experts intent on helping consumers save time, money and stress, Bills.com is designed to give consumers confidence in making money decisions. The site offers useful information, powerful tools, and real money experts to give consumers the information they need in the way they want it.