Very many people do not pay attention to debt calculators. They may think that they are worthless, and involve more work than benefit. It is true that some debt calculators are nondescript and may not have the features that are needed. Nevertheless, they are, in general, extremely worthwhile. Even if they do not have the requisite features then they can still be useful for a psychological benefit.
Good debt calculators can help determine what happens when you continue doing what you are doing. For example, if you are making just the minimum payments once per month on a credit card then you may be shocked to find out that it could be two decades before you pay off your credit card (and that is assuming that you never charge anything else on it) and that you will pay many, many, many times your current owing balance.
To prevent that from happening, you could then decide to make more than the minimum monthly payment, or to make the payment every two weeks. If you do the latter then you will see two things. The first is that, even though you are paying the same amount, your credit card debt is going down faster. This is because when the first payment is processed, it lowers the owing balance at that time so that you have two weeks of a lowered balance, and resulting in a lower finance charge than if you had waited to make one payment by the due date.
The second thing that you will see is that you have made an extra payment for the year which, again, lowers the owing balance sooner and reduces the finance charge. If you had been paying £50 per month then you had been paying £600 per year. By paying £25 every two weeks, you will have made 26 payments of £25 each, or a total of £650 for the year.
Good debt calculators can also help your debt-to-income ratio. This is jargon for simply knowing the percentage or ratio of your monthly debt is to your monthly income. Knowing that you have £500 in monthly debt is not very helpful or useful. However, if you know that you have £500 in monthly debts with a £3,000 monthly income then that can lead you to the proper option, and you will know that you are certainly better off than if you had £500 in monthly debt with just £1,000 monthly income. In general, if you have a 40% (or £400 debt for £1,000 income) ratio or higher then you could be suffering from financial turmoil.