Credit Card Calculator - See how much you are really spending for the credit you use.
Search articles:
Schedule an appointment

NY & NJ bankruptcy lawyer

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?
Enter your credit card balance: $
Enter the credit card's interest rate:  %
Enter payment amount per month: $
Enter desired months until debt free:




Articles related to this topic

  • What 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
  • 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.

  • Videos related


    Moses Apsan and his staff, based in New York City and Newark, NJ provide exceptional legal services throughout the world, in all aspects of immigration to the United States, including non-immigrant (temporary visas), immigrant visa (Green Card) and deportation defense. In addition Mr. Apsan, has been practicing Bankruptcy law and Divorce laws for over 35 years, He was the President of the Federal Bar Association, New Jersey Chapter (1997-2002). He speaks Portuguese and Spanish..