Credit Card Debt Calculator
If you have been struggling to get your credit card balances paid off, then our calculator for credit card debt is perfect for those who have consumer debt at various interest rates. It can help you to know just how long it will be until you pay it off.
Credit Card Debt
You will start out by entering in your balance and the interest rate for the following:
- Credit lines
- Other types of debt
- Credit card
Click on the add new debt for as many as you want.
Now choose 3 payment options to help you to learn the best strategy for you.
The minimum payment will be the formula or percentage that was used to determine the lowest amount that you can pay every month. This is expressed as being the interest and a percentage of the balance. This is often found on your credit card statement or agreement.
Any additional payments will be the extra money that you can spend on the credit card plus the monthly payment. You can often type this amount in. When you pay a bit more each month, you can save more money.
The last part is fixed payments that are made monthly. This is just money amount is set and it states how much you want to spend every month in order to pay down or off on a credit card, no matter how much you owe. Creating a fixed payment schedule can save plenty of money.
You can find out how long and how much by clicking on calculate.
If you want to know how much interest you will pay after paying off the debt, then check under debt repayment information.
Here you will see what the expected payoff time will be in months, how much is principal and interest, and the total cost of each payment option as a stacked bar chart. This can help you to find the best strategy for repayment.
If you look under see your options, then you will notice the different debt relief options as well as the interest costs. The following are options that you have to repay your debt:
- Debt settlement
- Consumer proposal
- Credit counseling
- Debt consolidation
If you aren’t sure what solution is best for you, then click the button at the bottom of the calculator to get estimates for free savings.
The most popular ways for a person to pay off consumer debt is to use the debt snowball and debt avalanche methods.
Paying the debt with the lowest balance. This is called a snowball because it is like rolling snowballs down hill. Sometimes the credit cards will be under both methods and other times the credit cards are different.
For instance if credit card 1 has a balance of $2200, and card 2 has a balance of $3800, then even though number 2 has a higher interest rate, number 1 should be paid off first and keep making the minimum payment on the second one.
Choose the one method that you find to be more motivating and then put it in action to help you become financially free.
This is where you focus on paying down debt by starting with the one with the highest interest rate. For instance, you have 2 credit cards and one has an interest rate of 19.8% and the other is 25.9%. You should pay off credit card number 2 because it has a higher interest rate, while still paying the minimum on the first one. This is important as it keeps your credit score in good standing.
Add this calculator to your site for free
If you believe that this calculator would be great for your visitors, then you can easily and quickly put this credit card debt calculator on your site by checking out our debt widgets page. This helps to provide value to visitors by allowing them to know how long it will take them to pay off their credit card.