Credit Card Calculator: What Is It

A credit card calculator is a calculator found online that can help you to figure out where you are in terms of the debt owing on your credit card(s). If you find that everywhere you go you are reaching into your wallet for your credit card to pay for everything from groceries to gas to your son’s birthday present then you need to find out where you are with your payments and how you can get back on track.[br]

A credit card calculator is a calculator found online that can help you to figure out where you are in terms of the debt owing on your credit card(s). If you find that everywhere you go you are reaching into your wallet for your credit card to pay for everything from groceries to gas to your son’s birthday present then you need to find out where you are with your payments and how you can get back on track.[br]

The same can be said if you cringe every time your credit card bill arrives in the mail because you are not sure how you are going to pay it. A credit card calculator is a very simple financial tool that helps you to see where your debt is and how long it will take to pay it off.

If you search over the internet you will find a variety of different calculators. It is not necessary to find one that is fancy. Instead look for one that is very simple. An example of how one would look is detailed below.

Credit Card Calculator Sample

First you would need to enter your credit card details. This would include what your current balance is as the interest rate. The next thing you would need to know is if you make any additional purchases throughout the month and what your monthly repayment amount is. Then you click a button on the site and the credit card calculator goes to work. It should then provide you with the information you require. This includes how many months it will take to repay your outstanding balance, as well as how much money you will pay out in total. Finally it will also tell you how much money you can expect to pay in interest, charges and other fees.[br]

Let us look at a very basic example of this:

Current balance owing- $1000
Interest rate- 17.95%
Additional purchases per month- 0
Monthly repayment amount- $100

The credit card calculator would perform its calculations and provide you with this useful information:

11 months to repay the balance
$1,091.34 total amount you will pay
$91.34 in interest charges and additional fees

By using such an instrument you will be able to figure out how long it will take you to pay off the balance on your credit card if you continue to make the payments you are presently making. Once you have this information at your disposal, figure out how you can reduce your debt even quicker. Modifying your credit spending can help you to find appropriate ways to cut down on the charges and fees that you pay on a regular basis.