The value of your debt can be easily calculated.
But how much does it actually take to pay off that debt?
That depends on a few factors, including your income and the amount of time you have left in your life.
Here’s how to determine the real cost of your debts.
Source Reuters title Debt calculator – $6,500 article The number of years you have to pay down your debts varies from person to person.
In the US, the median debt for someone with annual income of $51,000 is $1,100.
The median debt among those with annual incomes of $50,000 or less is $900.
For people who have the lowest income, the number of debt payments is much lower, at $500 or less.
The average debt in the US is around $1.2 million.
Source Getty Images/iStockphoto1/5 The ‘Big Six’ of US consumer debt In terms of total debt, it’s easy to understand how important paying down debt can actually be.
According to the Federal Reserve, in 2015, consumers owed $16.7 trillion in consumer debt, or around $20,000 per person.
That’s a big chunk of total US consumer borrowing, and it’s a lot of money for the average American.
But what if you have other debts?
Are you paying those off before you’ve paid off all your debt?
According to data from the Federal Deposit Insurance Corporation, more than one-quarter of all US consumers had some kind of debt in 2015.
Of those who had a credit card, a mortgage or a car loan, one-third of the consumers owed some kind for at least one of these things.
That number is even higher for people with student loans.
About 27% of all Americans had a student loan in 2015 – about $1 trillion in debt for people who are currently studying for a degree or higher.2/5 Which is the most common type of debt?
The two most common types of consumer debt in America are credit card debt and car loan debt.
Credit card debt is what most people think of when they think of credit card purchases.
In fact, about a quarter of all credit card holders in 2015 had debt on their credit cards.
By contrast, only about one-fifth of car loan holders had debt in that category.
There are some differences between the two, though.
According the Federal Trade Commission, in the past year, more people have gotten into car loans than credit cards, but the difference in car loans is in the amount that people are paying down their debts rather than the total amount owed.
The amount owed on a car loans typically ranges from $300 to $1 and $1 to $5, depending on the credit card.
So, if you’re paying down your car loans in full, you should be paying off your credit card debts, too.
For instance, in December 2015, there were roughly 4.5 million Americans who had debt of at least $1 million.
Of these, about 2.4 million owed more than $1 billion.3/5 Are you a student borrower?
Students are generally considered the primary creditors of a household.
If you’re a student, it can be a challenge to get the full amount of your loans forgiven.
There’s also a lot more paperwork involved in getting that forgiven.
The Federal Student Aid (FSA) allows you to get out of paying your student loans if you’ve had your income garnished or have been charged a fee for a loan.
You can also appeal to the court to have your student loan forgiven.
However, if the loan you owe is a car, student loans can be forgiven even if you haven’t paid it off yet.
In some cases, you might have to wait until you’re 50 years old to be eligible for the full forgiveness.
If that’s the case, it might be best to start with the smaller loan.
It’s possible to reduce the amount you owe by making a payment now.
For example, if your monthly payments are $10,000 and your loan amount is $3,000, you could make a payment of $2,000.
That could mean saving $1 a month or more.
However and in some cases it may not be possible to do so.
And if you can’t make that payment now, the debt will eventually grow.4/5 Do you have credit cards?
A recent survey from Experian found that nearly one-fourth of all people with a credit history in 2015 used credit cards to pay their bills.
This includes more than half of those who used credit card accounts for their mortgage payments.
According as Experian, more of the credit cards were used for personal expenses, such as buying gifts and groceries, rather than paying the bills.
Experian estimates that by 2020, one in three consumers will have credit card balances totaling more than their monthly income.
In comparison, one out of every three Americans will not have a credit score.
This means the average credit score of consumers