Credit Card Calculator
The ease of obtaining credit cards is just too tempting for many people. Many eventually find themselves with thousands or tens of thousands of dollars of debt, often with difficulty in paying it off.
Paying more than the minimum each month will make a big difference in getting out of debt.
If they only make the minimum payments on credit cards it adds to costs and repayment times.
Some people decide to pay no more than their minimum payment on their credit cards every month; others don’t have the extra money to pay more. This type of money management can turn a small debt into one that could potentially last for decades and cost a much more in interest. Using a credit card calculator to estimate payoff times and how a change in payment can alter costs may be helpful in preventing the need for filing bankruptcy.
Why is the Minimum Payment on a Credit Card Not Enough?
Many can manage a credit card by simply making the minimum payment every month. But, if only the minimum on a card is paid , it will:
- Add to the interest that is charged on the debt
- Add to the time that it will take to repay what is owed.
Many are surprised to find out what this actually means in real terms.
For example, an individual making the minimum repayment on a balance of $2,000 with a 15% interest rate will:
- Take 14 years to repay what they owe.
- Have to pay $2,246 in interest charges.
This is assuming that they do not spend any more on the card.
In reality, the debt will continue for over a decade and they will pay more in interest than they originally borrowed. It makes eminent sense, to try to accelerate the process and lower charges.
How can credit card calculators help?
How to Use a Credit Card Calculator to Pay Off Debts Faster
- You can actually see how long it will take to pay off the debt.
- You can see how much interest will be charged at current payment levels.
- You can see how increasing payments, even by small amounts, can cut interest costs and overall pay off times.
What you discover with a credit card repayment calculator may surprise many people. Increasing the monthly payment even by a few dollars, can cut years off their repayment time as well as a lot of interest.
Based on the information you provide, the calculator will give you an estimate of how long it will take you to pay off your credit card balance. The calculator assumes:
- you make no more charges; and
- you make only the minimum payment each month.
Please use your most recent credit card bill. You may get a more accurate estimate from your credit card issuer’s website.
How long will it take me to pay off my credit card balance if I make only the minimum payment?
|What will it take to pay off my credit card?
Articles related to this topicWhat is Bankruptcy All About?
Things Everyone Should Think About Before Filing Bankruptcy
An Overview of Chapter 7 Bankruptcy for New York and New Jersey
New Jersey Chapter 13 Bankrutpcy
New York Chapter 13 Bankrutpcy
Before You File for Personal Bankruptcy: Information About the Required Credit Counseling and Debtor Education
List of Approved Bankruptcy Credit Counseling Agencies
List of Approved Bankruptcy Providers of Personal Financial Management Instructional Courses
National Standards for bankrutpcy: Food, Clothing and Other Items
What are Unsecured Debts in Bankruptcy?
What are Unsecured Debts in Bankruptcy?
How to Access Your Chapter 13 Case Information on the Internet
FAQ - How to Access your Chapter 13 information on the Intenet
Debts Not Discharged in Chapter 7 Bankruptcy
When a Discharge is not granted in Chapter 13 Bankruptcy
FAQ- The Discharge in Bankruptcy
How You Receive Protection From Creditors in a Bankruptcy Case
HOW THE AUTOMATIC STAY IN A BANKRUPTCY CASE WILL PROTECT YOU AND YOUR CO-DEBTORS
New Jersey Federal Bankruptcy Exemptions
New York Bankruptcy Exemptions- Two Choices Available for New Yorkers
Understanding the Means Test and Median Income Level Under New Bankruptcy Laws for Chapter 7 and Xhapter 13
Mortgage Forgiveness Debt Relief Act stope Home Loan Foreclosure Tax Nightmare uisng IRS Form 982
Bankruptcy Terminology Explained
How to Get Credit after filing bankruptcy. Rebuilding and keeping credit forever.
How to Repair Your Credit After Bankruptcy
Credit Card Calculator - See how much you are really spending for the credit you use.