Credit Card Payoff Calculator

So how long will it take to get that debt monkey off your back, and how much does it matter? This calculator will let you see for yourself.


Current Debt: $
Interest Rate:   %
Your Monthly Payments: $
Make next payment now next month
Months to Pay:  
Total Interest Paid: $


If you set the monthly payment to zero, then the calculator will default it to a very low minimum payment, where it will take you many years to pay off your debt.

Note that if you have a credit card and pay only the minimum, you can easily wind up paying more in interest than you ever paid for your original purchase. Just increasing your monthly payment by a few dollars can dramatically cut down the time it takes to pay off your debt, along with the total interest paid.

That last sentence is worth saying again:

Even a small monthly sacrifice - buy a little less, reduce your debt a little more - can make a big difference.


(Debt collectors get rough.)


Further Credit Card Strategies

You can learn to improve your credit score, and get other useful advice, from BadCredit.org.

As you improve your credit score you can qualify for credit cards that charge lower interest rates. LowCards.com publishes this list of credit cards ranked by cheapness.

But why stop at being a cheapskate? The ultimate is to become a deadbeat, which is what credit card companies call people who pay off their balance every month, avoiding finance charges completely. If you're a deadbeat, credit cards are a beautiful deal - in fact, they're a short term interest-free loan. Life is sweet, for deadbeats.




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