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    Mortgage Calculator     
    Calculators Provided by: IMAGEPROWEBSITE.COM

    Paying off Credit Card Debt with Minimum Payments

    Input Information
    Credit Card Balance and Annual Interest Rate
    Current Card Balance : ($)
    Annual Interest Rate : (%)
    Minimum Payment Requirement from the Most Recent Statement
    Current Minimum Payment : ($)
    Fixed Payment You Can Afford To Pay Every Month
    Fixed Payment Amount : ($)
    Financial Analysis (Switch to Plain English)
      Minimum Pmts. Fixed Pmts.
    Total Payments : $19,081.83 $13,030.01
    Payoff Timeline : 18 Years 5 Months 3 Years 2 Months
    Time Saved : 15 Years 3 Months
    Total Interests Paid : $9,081.83 $3,030.01
    Interest Savings : $6,051.82
    Plain English Help (Switch to Financial Analysis)

    Credit card minimum payments may seem convenient on the surface, but only making the minimum payment each month can be quite costly – and, it can take you several years to finally get your credit card paid off.

    Let’s say you have a $10,000.00 balance on a credit card with a 17.500% APR. If your minimum payment is $300.00 and that is all you pay each month, it will take you 18 year(s) and 5 month(s) to finally get that card paid off (assuming you don’t add anymore debt to the balance). You will have also paid $6,051.82 in interest alone.

    If you send a fixed $350.00 payment, on the other hand, this extra money will make it possible for you to pay off that same balance in just 3 year(s) and 2 month(s) – that is 15 year(s) and 3 month(s) sooner than if you paid just the minimum payment. You will also only pay $3,030.01 in interest, saving you $6,051.82.

    DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.