Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.
Credit card balances are constantly accruing interest. You are required to make a monthly payment based on the balance amount and interest being charged. Many people will not pay off their credit cards for many years by only making the minimum payment required each month. You can beat the credit trap by making more than the minimum payment.
The Credit Card Repayments Calculator on this page will help you find out long you could be trapped in the credit card game. This calculator can also tell you how much you need to pay each month to get out of debt sooner and how much you will save in interest.
Use the Credit Card Repayments Calculator as follows:
- Enter your credit card details: annual fee, annual interest rate, current balance.
- Enter your monthly repayment details. Minimum monthly payment required (in dollars) Percent of the balance required to be repaid monthly. - Now you can see how long it will take to pay off the credit card making only the minimum payments.
Now choose a higher repayment amount in the higher repayment field. You can compare the time and total interest paid for your higher monthly payment versus the minimum payment.
Note: The calculator is based on you not using the credit card to make more purchases.