Debt Consolidation Calculator question?

Hi jlong4

I found a few calculators in the page. Which one did you use? Can you copy and paste that link here? I will have a look.

I guess it is actually called the debt reduction calculator. I guess what I am trying to figure out is if this shows what my "possible" starting point would be to start a debt consolidation program...or if that is what the amount would be saved after a debt consolidation program is finished, over a period of time. Again, I don't know if I am explaining that correctly but I hope so.

http://www.debtconsolidationcare.com/calculator/reduction.html

On a total debt of 40,000 at the beginning of the program, the amount you pay by the time the program finishes is 24000. A total debt of 40000 reduces to 24000 in 3 yrs(as per your payment plan set with the monthly payments).

You saved 16000 that can be in various forms, i.e.. Lower interest rates, late payment fees, finance charges, misc charges by the time the plan finishes after 3 years. Did I explain it well or you had a different query?

Thank you for the reply...that helps me with understanding it. Even tho I have a LARGE amount of debt thru cc's an unbelievable amount is just going to finance charges and high interest rates. I know that I can take care of this thru a consolidation program over a period of time. I WANT TO TAKE CARE OF THIS AND GET THIS MONKEY OFF OF MY BACK AND MY FAMILY'S... But more importantly, I am ready to claim back my independence from these places.

Thank you for your help with this.

Another question I have now...of course. Is there a maximum length of time that one has to pay thru a consolidation program? I know that the quicker the better, but I am wondering if the agencies and cc companies will typically work with someone when they are DEDICATED to get this done, even if it takes a little longer than normal.

jlong, have you been contacted by someone yet? I would assume that you have. If you are decided to get it done you should be able to work with the company that contacted you. I think that normal programs run 36-60 months depending on the amount of debt you have.

I have been contacted by someone...unfortunately, I am currently at a "retreat" for my work and out in the boondocks where cell coverage is dismal at best. So we have communicated a bit thru email. It is Superior Debt that contacted me initially, however, from what I have read thru this site and what people have said it doesn't sound like they do consolidation. If that is the case, then I need to get with someone that does so, especially in dealing with a large amount.

I have so much that is just going to finance charges and large interest rates that it is unreal... With the minimums increased now, it is not possible, but if I can get with a consolidation agency and program I feel that I can contribute a good sized amount to the issue and get done over a period of time.