Credit Card Pay Off Calculator: To Determine How Long It Will Take You to Pay Off Debt?
This debt calculator is designed to be used for credit card debt.
Try This Simple Exercise.
- First, enter your Debt Balance, Interest Rate (what you’re currently being charged), and your current Monthly Payment. Make a note of the number of years/months to pay off your debt. then…
- Using the same Debt Balance and Interest Rate increase the Monthly Payment field by $100 more than the minimum payment you entered the first time. Note how much faster your debt is paid off by adding $100 more to your minimum payment.
If your struggling with credit card debt be sure to read, How to Pay Off Debt using the Snowball Method, or you can read my eBook Filling The Pig – In 4 Steps, which provides a comprehensive get out of debt strategy.