The IAPDA has introduced a new calculator especially for debt burdened consumers to use as a comparison tool of all debt relief options.
This new online calculator will allow a consumer to add up his/her current outstanding debt, input that amount into the calculator along with the number of debt accounts are included in the total debt.
The calculator will then calculate the program/plan scenario of each debt relief option based on this amount of debt. The options compared are debt consolidation loans, consumer credit counseling, debt settlement and making only the minimum payments. The calculator compares for each debt relief option, the monthly payment, the number of months required to complete the program, interest rate and total interest paid.
The calculator will also show the consumer the amount they can save each month by choosing the debt relief option best for them.
A description of each debt relief option including bankruptcy is also offered.
This is a very important tool that consumers can use to assess their debt relief options based on their individual and unique total debt level. Every consumer who is exploring their current debt relief options will benefit from this information when exploring which debt relief option will be best for their unique situation. There is no one size fits all debt relief solution and many factors need to be considered by consumers before moving forward.
See the new calculator is action at: http://www.iapda.org/consumeroptionscalculator.php