Financial Calculators

Credit Card Payoff Calculator

16 June 2010 by CreditCardsCo™

One of the main reasons behind people finding themselves in so much debt has mainly been due to them taking out more money than they can actually repay. Unfortunately, there are no schemes left that allow one to write off a bulk of the amount of debt owned due to the current economical crisis. With rising interest rates, it is important that one is able to make repayments of their outstanding debt as quick as possible. The longer you take to repay your debt naturally you will be expected to pay a higher amount of interest in the long run.

Trying to calculate how much excess interest you would be required to pay depending on the terms of your repayment can be quite difficult due to the various number of variables that need to be taken in to consideration. This is where the credit card payoff calculator can be of great assistance. The credit card payoff calculator has specifically been designed for this purpose. It helps you calculate the amount of debt that you would be required to pay including interest payments depending on a monthly goal that you would want to achieve. The process is quite simple to be honest. All you are required to do on your behalf is simply enter in a few figures based on information that you know. Once completed, press calculate and you will be presented with a detailed report of what that means for you in both plain English and in a statistical format as well.

SAMPLE: If you have a credit card balance of $10,000.00 on a card with a 17.500% APR, you might have a minimum payment set by the credit card of $250.00. At this rate, it will take you 5 year(s) and 1 month(s) to pay off the card. If you have a goal of paying off that card in 24 month(s), however, you will need to increase your payment amount to $496.83. Not only will this knock off 3 year(s) and 1 month(s), you will also save $3,326.12 by reducing the amount of interest you have to pay on the balance.

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