In Crisis Calculators

In Crisis

Have you gone into default or just feel that you're in a financial crisis? These calculators will help you, by answering questions like these:

  • What would I save on debt if I quit smoking?
  • How can I get control of my finances again?
  • Would it help if I consolidate my debts?

Getting Out of Crisis

What if you can't afford to even pay the collection agency, let alone save money by making extra payments, like some 'In Payment' people?

It may be hard to believe, but you'll probably find a little money somewhere by using these other calculators selected by Debt 101: Daily Spending Habits, Cost of Borrowing and Cost of Smoking.

So it's a good idea to look for useful strategies in the 'In Payment' Calculators. Even if you start with small amounts of money, this may help you get back your financial control.

Aside from these In Crisis calculators, check out the other In Crisis content in Debt 101: the In Crisis student loan advice, the forum, Who To Contact for Help and other resources such as these ones from Debt 101's Learning Centre has these resources that could help you: Financial Self-Defense  and Improve Your Credit Score.


The Student Loan Whacker

Even if you can't make regular payments right now, it's good to know about debt-cutting tool like this one. It's also known as the Debt Investment Calculator because it shows you just why paying off debt is an investment.

And if you're in a financial crisis, getting out of debt is really the only investment to make, aside from good nourishment and the other essentials you need to keep your health.

Try some numbers on the Whacker. See what answers you get to these questions, based on even small amounts made toward your student loan payment:

Use The Student Loan Whacker Calculator


Student Loan Consolidation and Debt Payoff

This calculator could save you money and speed your payment. BUT consolidation loans only make sense if you are no longer entitled to any further student debt aid.

Remember, you should only consolidate if:

  • you make too much money for interest relief
  • you have already used up your interest relief, including extended interest relief
  • you are not eligible for debt reduction or other loan remission programs
  • you will save more from this than from being able to write off your student loan interest (tax credit)

This Vancity online calculator can help you decide:

https://www.vancity.com/Loans/LoanCalculators/DebtAcceleratedPayoff/

Warning! If you're considering debt consolidation, please first see this Debt 101's article: Thinking of Consolidating? Think Again!


What Financial Progress Would You Make by Not Smoking?

When people are stressed out by financial problems, some of them start smoking again. If this includes you, remember that by quitting, you can end your crisis sooner.

The cost of smoking calculator below was just intended to show how much money it costs you to smoke.

But you have debts pressuring you, so there are extra costs to consider here. One is the amount you could cut from interest charges if you weren't smoking. Another is the misery of having your debt problems drag on and on...

So if you smoke, why not use this calculator-combo to help you find your way out of this crisis?

Here's how:

  1. Work out your potential smoke-savings from the Cost of Smoking Calculator.
  2. Input those savings into the Student Loan Whacker (Debt Investment Calculator) and calculate your return on investment if you used your smoking savings as extra payments on your student loans.

Using both calculators, you can see the full impact – in dollars and loan payment time – from paying your student loans with money that is now going up in smoke.

Cost of Smoking Calculator

Student Loan Whacker

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