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Credit Card Calculator

Credit Card Debt


Credit card debt can be amongst the most expensive form of credit you will ever buy into. To add to the problem of high interest rates most people make minimum payments to their cards, this is just what the credit card companies want you to do. Use the calculator below to see just how long it will take you using your minimum payments to repay your credit card balances. Remember this credit card calculator is assuming you never make a purchase with your credit card again, if you do continue to purchase then your payback date will be even more distant.


Credit Card Minimum Payment Interest Calculator
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. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).

Instructions: 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 Column C and Column D respectively.

Card Balance In Pounds Annual
Interest
Rate (APR)
C
Minimum
Payment
Percent
D
Minimum
Monthly £ Payment
Interest
Charges
Number of
Payments
Total #
of Years
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