Use our free UK debt repayment calculator to understand how long it will take to pay off your debts and how much interest you'll pay. Whether you have credit card debt, a personal loan, or an overdraft, this calculator helps you create a clear repayment plan. Simply enter your total debt amount, annual interest rate, and monthly payment to see your complete repayment schedule including total interest costs.
Minimum payment must cover interest
Calculate your repayment schedule and total interest
Our UK debt repayment calculator helps you understand exactly how long it will take to pay off your debts and how much interest you'll pay over time. Whether you have credit card debt, a personal loan, store card, or overdraft, this calculator provides a clear picture of your debt repayment journey.
The calculator uses compound interest calculations to show you the real cost of your debt. Each month, interest is charged on your remaining balance, and your payment is split between paying off interest and reducing the principal (the original amount you borrowed).
You'll see exactly how many months and years it will take to become debt-free, the total interest you'll pay, and your total repayment amount. This information helps you make informed decisions about whether to increase your monthly payments or consolidate debts at a lower interest rate.
Debt can be one of the most stressful financial burdens, but understanding exactly how it works gives you power and control. Many people are surprised to learn just how much extra they'll pay in interest over the life of their debt, especially with high-interest credit cards.
Making only minimum payments can trap you in a cycle where most of your payment goes toward interest rather than reducing the actual debt. For example, on a £5,000 credit card debt at 18.9% APR with minimum payments, you could end up paying thousands more in interest and take decades to clear the balance.
Even small increases to your monthly payment can have a dramatic effect. Paying just £50 or £100 more per month could cut years off your repayment time and save you significant amounts in interest. Use this calculator to see exactly how different payment amounts affect your timeline.
Understanding your debt also helps you prioritize which debts to tackle first. Generally, it's best to focus on paying off high-interest debts first (like credit cards) while maintaining minimum payments on lower-interest debts (like personal loans). This strategy, known as the avalanche method, minimizes the total interest you'll pay.
This calculator provides accurate estimates based on standard compound interest calculations. However, actual repayment amounts may vary slightly depending on how your lender calculates interest (daily vs monthly), any fees charged, and whether you make consistent payments. Always check your credit agreement for precise terms.
If your monthly payment is less than the monthly interest charged, your debt will actually grow over time rather than decrease. The calculator will warn you if this happens. You'll need to increase your monthly payment to at least cover the interest charge to start making progress on reducing your debt.
Generally, paying off high-interest debt (like credit cards) should be a priority over saving, because the interest you're paying on debt is usually much higher than interest you'd earn on savings. However, it's wise to keep a small emergency fund (£500-£1,000) to avoid taking on more debt for unexpected expenses.
The avalanche method (paying off highest interest rate debts first) saves the most money on interest. The snowball method (paying off smallest debts first) can provide psychological wins and motivation. Both methods require making minimum payments on all debts while putting extra money toward your chosen priority.
Debt consolidation can be beneficial if you can secure a lower interest rate than your current debts. This simplifies payments and can save you money. However, watch out for consolidation fees, longer repayment terms that increase total interest, and the temptation to run up new debts on cleared credit cards.
Yes, it's often possible to negotiate lower interest rates, especially if you have a good payment history or are struggling financially. Contact your lender to discuss hardship programs, reduced rates, or payment plans. Many lenders prefer to negotiate rather than risk you defaulting on the debt entirely.
If you're struggling with payments, contact your lenders immediately. Many offer hardship programs with reduced payments or payment holidays. You can also seek free debt advice from StepChange, Citizens Advice, or National Debtline. Don't ignore the problem as it will only get worse with late fees and additional interest.
Extra payments go directly toward reducing your principal balance, which means you'll pay less interest over time. Even small additional payments can significantly reduce your repayment timeline. For example, paying an extra £50/month on a £5,000 debt at 18.9% APR could save you hundreds in interest and cut years off your repayment time.
This debt repayment calculator is provided for informational and educational purposes only. The results are estimates based on the information you provide and standard compound interest calculations. They should not be considered financial advice.
Actual repayment amounts and timelines may vary depending on your lender's specific terms, how interest is calculated (daily vs monthly), any fees or charges, payment processing times, and changes to interest rates over time. Always refer to your credit agreement for exact terms and conditions.
If you're struggling with debt or need personalized financial guidance, we strongly recommend speaking with a qualified debt advisor. Free debt advice is available from organizations like StepChange, Citizens Advice, National Debtline, and Money Helper.
This calculator does not account for fees, payment protection insurance, or penalties for late or missed payments. It assumes consistent monthly payments and a fixed interest rate. Your actual situation may differ.