Credit Card Payoff Calculator

Credit Card Payoff Calculator	Get a Free Debt Consolidation and/or Mortgage Quote from a Financial Professional

Installment debt owed by Americans has topped $1 trillion dollars. It�s eating away at your future and will only worsen unless you take steps to reduce or eliminate it. Use this calculator to assess your credit card situation and explore how steps you can take to get your credit under control. See how much you can save by adding to the monthly amount you are paying. Try increasing the amount above the minimum to see how much you can save over time.

$		Enter the amount you still owe on your credit card.
	%	Enter your annual interest rate.
	%	Enter the minimum percentage amount you are required to pay. This information will be in fine print on your Terms and Conditions that you received with your credit card. Generally this is around 2-3% and is applied to your outstanding balance to determine your minimum monthly payment.
$		Enter the minimum dollar amount you are required to pay. This information will be in fine print on your Terms and Conditions that you received with your credit card. Generally this is around $10 (i.e. when the minimum payment calculated by the percentage of outstanding balance listed above is less than this amount you pay this amount.)
	Yes No	As you may know, many credit card companies offer a reprieve in December where interest continues to accrue but you are not required to make a minimum payment. This will extend the time it will take to payoff your credit card. If you generally take advantage of this offer, select "Yes".
$		To see the impact additional payments will have on shortening your payoff and decreasing your interests costs, enter the additional amount you want to consider paying and press process.