Use this credit card payoff calculator to find out how long it will take for debt repayment. You will also learn how much you will pay in interest on your credit cards.
To do the calculations, fill out the required information accurately.
Here, an example is already given.
Payment Report (Interest Rate = 11% and Installment = $408)
|Months||Interest Paid||Principal Paid||Rest Principal|
Total Interest Paid $1865 in 2 Years and 9 Months
Interest is charged when you don’t pay the outstanding balance in full on your credit card. It is also charged on the remaining amount when you make only the minimum monthly payment.
It works as a daily rate calculated by dividing the APR (Annual Percentage Rate) by 365. Then, the current card balance is multiplied by the daily rate.
That amount is added to your next billing statement.
Revolving credit, like a credit card, comes with a standard interest rate, or APR (Annual Percentage Rate). Make sure you are aware of your card’s APR and other information when you take out your credit card. These will depend on a few factors, including your credit score. The higher your score, the better terms and conditions you might expect from your credit card issuer.
Check your card member agreement to understand the terms and conditions. Is there any grace period mentioned? If so, you can make your payment within the due date. The credit card issuer will not charge any interest if you pay your outstanding balance within each month’s due date. Once you miss that date, the card issuer will charge an interest based on the APR on your card.
You can repay your credit card debt through credit card consolidation, credit card settlement, or DIY strategies like balance transfer, debt snowball, or avalanche.
You can use a suitable credit card payment calculator to choose the most appropriate debt relief method depending on your current balance, interest charges, and personal financial situation.
Disclaimer: The Credit Card Payment Calculator is made available to you as a self-help tool. As such, the accuracy of the figures and the applicability of the calculator in regards to your individual situation cannot be guaranteed. Also, the Credit Card Payment Calculator does not include credit balance insurance and other fees which may be optional.