Most financial planners will tell you that the single most important financial goal you should strive for is to pay down high-interest debt, which means credit card debt. Countless thousands of families are drowning in credit card debt, hardly able to keep up with the monthly interest payments, to say nothing of paying down the principal.
Our credit card payment calculator will help you get a handle on this debt by letting you know how long it will take to pay off the debt, based on how much you can afford to pay each month. If you have difficulty with credit card debt, the best advice is to destroy your credit card so you’re not adding to the burden, but our calculator allows you to factor in new monthly charges — if, for instance, you have recurring expenses automatically charged to your credit card. Also, by revealing how much total interest you’ll be paying as you gradually pay off your credit card — often a sobering number — our calculator provides that much more incentive to get out of the debt cycle once and for all!
If you do continue to use your card, revisit this site often to update your information. The best way to manage debt is to have a firm grip on the numbers.