Best Debt Calculator UK 2026: Find Your Fastest Route to Debt-Free
The best debt calculator for UK users handles EAR rates for overdrafts separately from APR rates for credit cards, compares multiple payoff strategies side-by-side, and shows your exact debt-free date. Most online calculators are built for American users and treat all interest rates the same way—giving UK users with overdrafts incorrect results and potentially costing hundreds in unnecessary interest.
If you've searched for a debt calculator and felt overwhelmed by options, you're not alone. There are dozens of calculators online, but finding one that actually works for UK debts is surprisingly difficult.
The problem? Most debt calculators are American. They're built for credit cards and personal loans using APR calculations. That works fine in the US, where everything uses APR.
But in the UK, we have overdrafts. And overdrafts use EAR—a completely different calculation method.
Use an American calculator for your UK overdraft, and you'll get the wrong payoff order, the wrong timeline, and potentially waste months of payments on the wrong debt.
This guide covers:
What makes a debt calculator "good" for UK users
Why EAR vs APR matters (with real numbers)
How to compare the main calculators available
Which features actually help you get debt-free faster
What Makes a Good UK Debt Calculator?
Not all debt calculators are equal. Here's what separates useful tools from basic ones:
1. Handles EAR and APR Separately
This is the critical feature most calculators miss.
APR (Annual Percentage Rate) — Used for:
Credit cards
Personal loans
Car finance
Store cards
APR compounds monthly. A 24% APR means roughly 2% added to your balance each month.
EAR (Equivalent Annual Rate) — Used for:
UK bank overdrafts
EAR compounds daily. A 39.9% EAR means interest accrues every single day on your balance.
Why this matters: If a calculator treats your 39.9% EAR overdraft as 39.9% APR, it calculates the wrong monthly interest, gives you the wrong payoff order, and shows the wrong debt-free date.
2. Compares Multiple Strategies
A calculator that only shows one payoff method limits your options. The main strategies are:
Snowball — Smallest balance first (psychological wins)
Avalanche — Highest interest first (saves most money)
Hybrid approaches — Start one way, switch to another
Cash Flow Index — Frees up monthly cash fastest
The "best" strategy depends on your psychology, your debts, and your situation. A good calculator shows you all options so you can choose.
3. Shows Your Debt-Free Date
Vague timelines like "2-3 years" don't motivate anyone. A specific date—"August 2027"—gives you a target.
A good calculator shows:
Exact month and year you'll be debt-free
When each individual debt clears
Milestone dates to celebrate along the way
4. Works for UK Minimum Payments
UK credit cards calculate minimum payments differently than American cards. A calculator should handle standard UK approaches (typically 1-3% of balance or a fixed minimum, whichever is higher).
5. Respects Your Privacy
Many "free" calculators harvest your data for marketing. They require email signups, sell your information to loan companies, or track your financial details.
A good calculator runs in your browser without storing your data anywhere.
UK Debt Calculators Compared
| Calculator | EAR Support | Strategies | Privacy | UK Focus |
|---|---|---|---|---|
| DebtRiot | ✅ Yes | 5 | ✅ No signup | ✅ UK-built |
| Calculator.net | ❌ No | 1 | ✅ No signup | ❌ US-focused |
| Undebt.it | ❌ No | 3 | ⚠️ Account required | ❌ US-focused |
| MoneySavingExpert | ❌ No | 1 | ✅ No signup | ✅ UK |
| NerdWallet UK | ❌ No | 1 | ⚠️ Email for results | ⚠️ UK version of US site |
| Bank calculators | N/A | 1 | ⚠️ Own products only | ⚠️ Single debt only |
The EAR Problem in Detail
Let me show you why EAR support matters with real numbers.
Scenario: You have two debts:
Overdraft: £1,500 at 39.9% (this is EAR)
Credit card: £2,800 at 34.9% (this is APR)
What a US calculator sees: "39.9% is higher than 34.9%, so pay the overdraft first."
What's actually happening:
The monthly interest calculation is completely different:
| Debt | Rate Type | Stated Rate | Monthly Rate Formula | Actual Monthly % |
|---|---|---|---|---|
| Overdraft | EAR | 39.9% | (1 + 0.399)^(1/12) - 1 | 2.84% |
| Credit card | APR | 34.9% | 0.349 / 12 | 2.91% |
The credit card actually has a higher monthly rate despite the lower headline number.
A US calculator would tell you to pay the overdraft first. A UK-specific calculator tells you to pay the credit card first (in avalanche mode). That's the difference between correct advice and costly mistakes.
The 5 Debt Payoff Strategies Explained
A good calculator lets you compare different approaches. Here's what each strategy does:
Strategy 1: Debt Avalanche (Highest Interest First)
How it works: Pay minimums on everything. Put all extra money on your highest-interest debt. When it's cleared, move to the next highest.
Pros:
Mathematically optimal
Saves the most money on interest
Usually the fastest total payoff
Cons:
First win might be months away
Can feel demotivating if your highest-rate debt is also your largest
Best for: People motivated by efficiency and maths, or those whose highest-rate debt isn't their biggest balance.
Strategy 2: Debt Snowball (Smallest Balance First)
How it works: Pay minimums on everything. Put all extra money on your smallest balance. When it's cleared, move to the next smallest.
Pros:
Quick early wins
Reduces number of debts fast
Psychologically rewarding
Simplifies your finances sooner
Cons:
Costs more in total interest
Sometimes takes longer overall
Best for: People who need motivation and quick wins, those with many small debts, anyone who's tried and failed before.
Strategy 3: Avalanche → Snowball (Hybrid)
How it works: Start with avalanche to knock out high-interest debts, then switch to snowball for the remaining ones.
Best for: People with one or two high-rate debts among several lower-rate ones.
Strategy 4: Snowball → Avalanche (Hybrid)
How it works: Start with snowball to get quick wins and build momentum, then switch to avalanche for efficiency.
Best for: People who need initial motivation but don't want to sacrifice too much to interest.
Strategy 5: Cash Flow Index
How it works: Calculate balance ÷ minimum payment for each debt. Pay off the lowest ratio first—these debts free up the most monthly cash flow per pound paid.
Pros:
Maximises available cash quickly
Useful if cash flow is tight
Cons:
Ignores interest rates
Can cost significantly more long-term
Best for: People who need to free up monthly cash urgently, or those facing income uncertainty.
Comparing Strategies: Real UK Example
Let's see how these strategies compare for a typical UK debt situation.
| Debt | Balance | Rate | Type | Min Payment |
|---|---|---|---|---|
| Barclays Overdraft | £1,200 | 39.9% | EAR | £50 |
| HSBC Credit Card | £3,400 | 22.9% | APR | £85 |
| Argos Store Card | £650 | 29.9% | APR | £25 |
| Personal Loan | £4,800 | 9.9% | APR | £150 |
Total debt: £10,050 Monthly budget: £450 (£140 extra beyond minimums)
Results by strategy:
| Strategy | Debt-Free Date | Total Interest | First Debt Cleared |
|---|---|---|---|
| Avalanche | March 2028 | £1,847 | Overdraft (7 months) |
| Snowball | April 2028 | £2,103 | Argos (4 months) |
| Avalanche→Snowball | March 2028 | £1,892 | Overdraft (7 months) |
| Snowball→Avalanche | March 2028 | £1,956 | Argos (4 months) |
| Cash Flow Index | May 2028 | £2,241 | Overdraft (7 months) |
What this tells us:
Avalanche saves £256 compared to Snowball
Snowball delivers first win 3 months earlier
The difference is real but not dramatic
The best strategy is the one you'll actually follow
Note: Verify these figures with your own numbers in DebtRiot before making decisions. Your debts, rates, and budget will produce different results.
Who Debt Calculators Are For (And Who Needs Something Different)
Debt calculators are powerful tools—but they're not for everyone.
A Calculator Works Well If You:
Can afford all your minimum payments
Have some extra money to put toward debt (even £50-100/month helps)
Want to take control of your payoff strategy
Prefer figuring things out privately
Are motivated by seeing a specific debt-free date
You Might Need Debt Advice Instead If You:
Can't afford your minimum payments
Are receiving letters from debt collectors
Are facing legal action (CCJs, bailiffs)
Feel completely overwhelmed and need support
Have complex circumstances (benefits, self-employment, multiple creditors)
Free UK debt advice services:
StepChange — 0800 138 1111
National Debtline — 0808 808 4000
Citizens Advice — Free, confidential guidance
There's no shame in needing advice. These services exist specifically to help, and they're completely free.
How to Use a Debt Calculator Effectively
Step 1: Gather Your Numbers
For each debt, you need:
Current balance (from latest statement or banking app)
Interest rate (APR or EAR—check which one)
Minimum payment required
Finding your overdraft rate: Check your banking app under "Overdraft" or "Account details." Most UK overdrafts are 35-40% EAR since the FCA pricing changes.
Step 2: Calculate Your Debt Budget
Your debt budget = Income - Essential expenses - Small emergency buffer
Be realistic. An aggressive budget you can't maintain helps nobody. A sustainable budget you stick with for 24 months beats an ambitious one you abandon after 3.
Step 3: Enter Everything and Compare
Put your numbers into the calculator. Look at all strategies, not just the "recommended" one.
Ask yourself:
Which strategy saves the most? (Usually avalanche)
Which gives the fastest first win? (Usually snowball)
How big is the difference actually? (Often smaller than expected)
What can I realistically stick with?
Step 4: Commit to a Strategy and Track Progress
Pick one approach and follow it. Check your progress monthly. Adjust if your circumstances change.
The value isn't in finding the "perfect" strategy—it's in having any clear plan and following it consistently.
Why I Built DebtRiot
I was in debt myself. And I remember sitting at my kitchen table at midnight, trying to figure out which debt to pay first.
I wasn't in crisis—I could afford my payments. But I felt stuck. I didn't know whether to hit the overdraft or the credit card. I didn't know if snowball or avalanche was right for my situation. I just wanted to enter my numbers somewhere private and see a way out.
Everything I found was either:
American (wrong calculations for my overdraft)
Single-strategy (no comparison)
Required signup (I didn't want to share my details)
Overly complicated (I needed answers, not a finance degree)
So I built DebtRiot. It does one thing well: takes your UK debts, compares every strategy, and shows you exactly when you'll be free.
No signup. No data stored. No judgment. Just maths and a date.
Frequently Asked Questions
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The best UK debt calculator handles EAR rates for overdrafts separately from APR rates for credit cards, compares multiple payoff strategies, shows your exact debt-free date, and doesn't require signup or store your data. Most calculators are US-based and treat all rates the same way, giving incorrect results for UK overdrafts.
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UK overdrafts use EAR (Equivalent Annual Rate). Credit cards, personal loans, car finance, and store cards use APR (Annual Percentage Rate). Check your statement or banking app—it should specify which rate type applies.
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Accuracy depends on whether the calculator uses correct formulas for your debt types. UK users with overdrafts need a calculator that converts EAR to monthly rates using the correct formula. US calculators treat everything as APR, which underestimates overdraft costs and can give wrong payoff recommendations.
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Avalanche (highest interest first) saves the most money. Snowball (smallest balance first) gives faster psychological wins. The actual difference is often £50-200 over 2-3 years—less dramatic than most articles claim. Choose based on what will keep you motivated. A good calculator shows you both so you can compare with your actual numbers.
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Yes, but only if the calculator handles EAR rates. Enter your overdraft with its EAR rate (typically 35-40% for UK banks) and select "EAR" as the rate type. If the calculator only accepts APR, it will underestimate your overdraft's true cost.
Your Next Step
Stop guessing which debt to pay first. Get your actual numbers calculated correctly.
Open DebtRiot → — Enter your debts, see all 5 strategies compared, get your exact debt-free date and preview first 3 months of your debt payoff plan.
Free to compare. No signup. UK-specific calculations.
DebtRiot is a calculation tool, not financial advice. If you're struggling with debt payments, contact StepChange, National Debtline or Citizens Advice for free, confidential help.
