If you have accumulated credit-card debt, you can use this calculator to estimate
how long it could take you to pay off that debt based on your payment amount.
The minimum amount required to pay only the interest:
$0.00
Each month you plan to pay:
$0.00
At that payment, the time required to pay off your balance:
0 years
You will pay total interest of:
$0
This chart shows the number of years it would take you to pay off your balance based
on the information you provided. You can substantially reduce the time needed to
pay off your debt and your total interest paid by increasing monthly payments. If
you feel your credit card interest rate is too high, you may want to consider whether
you can transfer your balance to a lower-interest card.
Credit Card Balance Over Time
This hypothetical example is used for illustrative purposes only. Actual results will vary.
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
//<![CDATA[
var Formula = 'k = a * (b / 1200); var _d = new Date(); if (c 0 && y 0) { m = _m_dArr[_m_ct]; if (m == 1 || m == 0) { pArr.push(p); tArr.push(y + m); } } else { _f++; } i = i + 1; e = e + (p * b / 1200); p = Math.max(0, p + (p * b / 1200) - c); _m_ct = _m_ct + 1; if (_m_ct >= 13) { y = y + 1; _m_ct = 1; } } pArr.push(p); tArr.push(y + m); if (p > 0) { alert("It will take more than 50 years to pay off your credit card debt."); } d = (i / 12).toFixed(1); } A = a; B = b; C = c; D = d; E = e; K = k; I = [i]; Z = pArr; Y = tArr;';
var Validate = function () {
return true;
}
var Questions = [
new Question('My current credit-card balance is $___:', null, 'a', null, null, null, null, 1, {defaultvalue: 5000, slidervalues:[0, 5000, 10000, 15000, 20000, 25000, 30000]}),
new Question('The annual percentage interest rate on my card is:', null, 'b', null, null, null, null, 1, {defaultvalue: 14 , slidervalues:[0, 5, 10, 15, 20, 25, 30]}),
new Question('Each month I plan to pay $___:', null, 'c', null, null, null, null, 1, {defaultvalue: 100, slidervalues:[0, 200, 400, 600, 800]})
];
var Answers = ['$A', '%B', '$C', '$K', '&D', '$E'];
var ChartTitle = '';
var ChartLabels = ['', ''];
var ChartData = ['Y', 'Z'];
hAxisTitle = 'Year';
hAxisFormat = '0000';
vAxisFormat = '$##,###';
chartLeft = '90';
initCalc();
var dd = new Date();
$Gid('this_year').innerHTML = dd.getFullYear();
//]]>
Case Studies
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