Credit Card Payment Calculator
This credit card payment calculator figures how much you will pay in interest using a variety of repayment strategies: fixed percentage payment, fixed monthly payment, or minimum monthly payment.
It will also tell you how long until your debt is repaid and total interest cost. (Of course, this assumes no additional charges to the card.)
Finally, when you are done make sure to print an amortization schedule using the button at the bottom. Enjoy!
Calculate Your Credit Card’s Payment System
The 20th century ushered in the advent of credit cards, and the beginning of the 21st century witness the proliferation of banking as well as other financial institutions offering credit cards to its customers. These handy little cards come with a bunch of attractive offers that are not easy to resist. Every credit card application is a victory for the institution offering it, while a defeat for the person who gave in to the lure of the instant luxuries that this tiny little plastic can offer.
Today, every second person on the road owns a card or two, sometimes even more! But how many of them actually know how to use it properly, and how to use it effectively? Experts dole out advice on credit card use — from analyzing transaction fees to paying-off every single penny billed, to using it to a minimum — credit cards use recommendations come in plenty. But very few thinks of going back to the basics and using a credit card payment calculator in order to figure out how much less interest one has to pay, and how little time it would take, if he only use a variety of repayment strategies.
Analyze As You Strategize
Whether you decide to pay your credit card bills right now or months from today, it would help to plan and be aware of the possibilities of coming off it soon and spending a lot less on interest. The credit card payment calculator allows you to do just that. The decision lies in choosing a strategy to use — it could be paying off your credit card dues at a fixed percentage rate, disbursing a fixed monthly payment, or choosing to pay only the minimum amount required. Analyzing which strategy suits you best is key to planning your next move. The best strategy could lead you to an arrangement that would make owning and using the plastics in your bag, a pleasurable experience!
Pay It Now, Pay It Later … It Has To Be Paid Anyway!
Anyone would agree that paying off any debt as early as possible is the best option. True indeed! But there are times when due to unavoidable circumstances, doing that is just not possible. The credit card payment calculator lets you plan ahead and draw a timetable in order to foresee the amount of money you need to shell out every month to completely wipe out your balance and the number of months (or years) it would take to do so.
Drag Or Drop
The fourth of July celebration and gift-giving set you back with a $1,000 balance on your credit card at an annual interest rate of 18%. Using the credit card payment calculator, the choice is yours — you can either drag it for ten years while paying only the minimum amount each month, or work on the fast-track mode that would drop your debt in eleven months while paying a fixed sum instead. The former may sound comfortable and effortless while the latter seems tricky and putting a lot of stress on the pocket. But if you look into the $700 savings and the debt and worry free nine years ahead, it would be wise to think again and look back at your credit card payment calculations. It may just light that bulb and trigger you give it a second thought.
Plastic cards are here to stay! It is up to us to be smart in using our credit cards. Using a credit card payment calculator in planning for your credit card payment is no doubt the best technique in order to avoid getting entangled in the messy credit card debt trap.
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