Debt Calculator
Use our Credit Card Debt Payoff Calculator to find out your payoff timeframe. Enter your credit card debt balances, current interest rates and monthly payments. See how long it will take to become debt free.
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Does it feel like you will never pay off your credit card debt? Well, you are not alone. With the average interest rates on credit card debt hovering above 24%, paying down credit card debt seems nearly impossible.
One of the most important steps to take is understand how much of your credit card payment goes toward just interest. And then figure out how much goes toward the principal. A debt payoff calculator will tell you, if you continue at this same rate, how long it will take to pay off your debt in full. The process of discovering these amounts isn't all that exciting. But finding out that 90% of your payment goes toward interest should spark a fire and lead to a positive change in behavior. Perhaps this will motivate you to increase your income? Or maybe decrease expenses? And most importantly, put an end to using credit cards again.
Using a Credit Card Debt Calculator provides valuable information. Understanding how much your creditors are charging in interest can ignite you to start paying it off faster. And knowing that it might take 20 years to pay it off will spark a need to make a change. Come up with a plan to lower rates, increase payments and/or lower expenses. Look into a Debt Management Program to help build a payoff plan. Alternatively, you can find other ways to get out of debt.