This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill--that is, assuming you stop charging any more to it. After seeing the shocking figures this calculator will generate, I doubt you'll want to continue allowing the credit card companies to build your swimming pool in their backyards. And remember, it's not just the interest you're losing, you're also losing the interest you could be earning on that interest if you were investing it rather than paying it to the credit card companies!
This calculator will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).
Note: Somewhere in your credit card disclosure statement the card company will tell you something like "your minimum payment will be 2% of the balance or $10, whichever is higher. These are the figures you will enter in Row #3 and Row #4 respectively.
Use only numbers and decimal points
|
