Credit Card Debt Calculator
Are you struggling to pay off your credit cards? Our Credit Card Debt Calculator is great for anyone with various types of consumer debt at different interest rates. It will help you determine how long it will take to pay off.
Start by entering the current balance and interest rate for the following debt types:
- credit card
- line of credit
- other debt
Click “Add New Debt” for as many types as you like.
Next, choose from our three payment options to figure out the best strategy for you.
Your minimum monthly payment is the percentage or formula used to determine the lowest, acceptable amount to pay on your bill each month. This figure is expressed as interest plus a percentage of your balance. It’s found in your credit card agreement disclosure or statement.
Your additional monthly payment is the extra money you’re willing to spend on your credit card on top of the minimum monthly payment. You can manually type in this dollar amount. Paying a little more can save you a lot of money each month.
Last is your fixed monthly payment. This is a set amount of money you are willing to spend each month to pay off your credit card – regardless of the amount you owe. Creating your own fixed payment schedule can also save you a lot of money.
Find out how much and the amount of time by clicking the “calculate” button.
If you want to see how much interest you’ll pay after squashing the debt on your own, check under the heading: “debt repayment information.”
In that section you’ll see the expected payoff time in months, the amount of principal, interest, and total cost of the three payment options as a helpful stacked bar chart. This will help you figure out the best repayment strategy for you.
Under the heading “see your options,” you’ll see the various debt relief options along with their interest costs. The following are options to repay debt on your own:
Not sure which debt solution is right for you? Click the button at the bottom of the calculator to get your free savings estimate.
Two popular ways to pay off your consumer debt are the debt avalanche and debt snowball methods.
Focus on paying down the debt with the highest interest rate. For example, you have two credit cards: Card No. 1 with an interest rate of 19.95 per cent and Card No. 2 with an interest rate of 24.99 per cent. Pay off No. 2 since it has the highest interest rate, while still paying the minimum on No. 1. This is crucial since it will keep your credit score in good standing.
Pay the debt with the lowest outstanding balance. It’s called “debt snowball” because it’s like rolling a snowball down a hill. Sometimes the credit cards are the same under both methods and other times the credit cards are different.
Using the same example: Card No. 1 has a balance of $2,000 and Card No. 2 has a balance of $5,000. Even though No. 2 has a higher interest rate, focus on paying down No. 1 since it has the lowest balance. And, of course, keep making the minimum payment on the second one.
Choose the method that you find most motivating and put it into action to help reach financial freedom sooner.
Add the Credit Card Debt Calculator to your own Website for Free
Would this calculator be useful to your visitors? You can quickly and easily put the credit card debt calculator on your website by visiting the debt widgets page of our website. This will provide value to your visitors by helping them determine how long it will take to pay off their credit card debt.