There are different types of credit cards for individuals, and each one has rewards tailored to a different kind of customer. I’ve seen many people use these credit cards to save money and even dramatically improve their lifestyle.
However, I’ve also seen many people get addicted to the rewards — and the buying power — and go deeply into bad debt with their credit cards.
It’s important to understand the interest rate on your credit card and how many extra dollars your APR actually adds to your bill each month. If you aren’t paying attention your monthly bills could start rising based on compound interest alone, and from there it’s a slippery slope to severe debt problems and even bankruptcy.
Let me help you avoid all of that with my handy credit card payment calculator.
Credit Card Payment Calculator – The First Step to Making Your Payment Plan
I created this credit card payment calculator to help people like you plan their path to a debt-free life. My calculator lets you enter your ideal timeframe to that debt-free life and calculate how much you’ll need to pay each month to actually make your balance hit $0 within that time period. It includes compound interest in its calculations, so you won’t experience any nasty surprises along the road to financial freedom.
Credit Card Payment Calculator
Calculate your monthly credit card payment amount and the total amount of interest you'll pay within a set period of time.
|Credit Card Balance:|
|Yearly Interest Rate:|
|How fast do you want to payoff (years):|
|Total Interest Paid:|
By using this calculator you agree to terms and conditions. These calculators are designed to be informational and educational tools only, and when used alone, do not constitute investment or financial advice. We strongly recommend that you seek the advice of a financial services professional before making any type of investment or deciding on your financial matters. This model is provided as a rough approximation of future financial performance. The results presented by this calculator are hypothetical and may not reflect the actual growth of your own investments. We can't take into account potential lender fees, payoff schedule can be longer than in the estimation. Paymybill and its affiliates are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Paymybill is not responsible for any human or mechanical errors or omissions.
Using Credit Card Payment Calculator
My credit card payment calculator needs the following information to work:
- Your current credit card balance
- Your interest rate
- How long, in years, you want to spend paying off your credit card.
Click “Calculate” and you’ll receive a full payment schedule that shows how much you’ll need to pay each month. You can then adjust this with different timeframes to test out different payment plans. When you find the plan that works for you, you can turn it into a .PDF. Print it out and keep it somewhere visible for inspiration.
Useful Tips On How To Break The Debt Cycle
Using my credit card payment calculator is a great first step, but you’re going to need to do a lot more if you really want to break the debt cycle.
Here are four strategies you can use to break the debt cycle for good:
- Measure your progress regularly – A lot of people set goals and then forget about them, either falling short of their original goals or abandoning them completely. Avoid this problem by scheduling a monthly check in to see how much you owe, how much you’ve paid, and how much you’ll be able to pay in the coming weeks.
- Get your family on board – Your family, especially the ones that live with you, need to be supportive if this is going to work. Make sure they know that you’re on a strict budget until you pay off your debt, and try to find at least one person who will do a regular check in to make sure you’re on track.
- Make sure you still reward yourself for milestones – You need to be strict about your budget if you’re going to pay off your debts, but you still deserve to treat yourself once in a while. Plan to give yourself reasonable rewards for specific milestones. If you don’t want to choose the specific items in advance you can simply set a spending limit, like $20 or $50.
- Switch to cash only spending – Using your credit card is counterproductive if you’re trying to bring the balance down. Switch to using cash only until you’ve paid off your debts. By the time you’re debt free you’ll be used to live without your credit card. And if you absolutely need to purchase something with your credit card, make sure you put the cash for it into your account right away.
Armed with my handy credit card payment calculator and these tips, you’re now ready to start your journey towards a debt-free life!