Debt Advice Foundation launches online debt calculator
by Gill Montia
The Debt Advice Foundation (DAF) has launched an online self-help tool that calculates a person’s debt and can help outline their situation to creditors.
The charity says its new downloadable Debt Analyser is a unique tool that enables consumers to understand how much money they owe, what they can reasonably afford to pay back and how long it will take them to clear their debt in full.
All the calculations are performed automatically and should the user wish to negotiate with creditors directly, the system can produce a statement of affairs and individual creditor letters.
DAF managing director, David Rodger, explains: “This downloadable resource is a new way for people, who may have never before have needed to worry about their mortgage payments, credit card borrowings, hire purchase deals and other loan payments, to take stock of their situation for the first time.”
He adds: “Seventeen million people – almost half of the adults in the UK have difficulty with numbers – so it’s no surprise that people struggle to keep track of their debts.”
Earlier this week, a report from AXA claimed that 24% of UK adults are hiding some form of debt from partners, friends and family, with the total sum involved estimated at £50 billion.
Research from the insurer also suggested that Britons are mired by inertia, ignorance and immediate gratification in solving their debt problems.
The analysis also highlighted a reluctance to seek professional help and confusion about where to go.