CREDIT CARD CALCULATOR
Have you ever wondered how long it will take you to pay off a credit card? In order to obtain some idea, you may enter your principal balance, your minimum payment, and also the rate of interest in the spaces below to obtain a calculation into number of repayment months. Please note that the amount of time may vary depending on how your credit card company computes interest. Also, the calculation does not take into consideration late fees and over the limit fees that could add years onto the repayment.
The length of time it takes to pay off a credit card can be staggering. If you study your credit card statement you may be able to make a few observations. How much of your minimum payment goes to interest? How much goes to principal (to reduce the balance)? Whatever the amount is going to principal, then you should multiply by 12 and that is the amount that your balance is being reduced on a YEARLY basis.
