Our Credit Card Repayment Calculator can help you determine how long it will take to payoff your credit card balances.
Enter the amount you owe, the interest rate being charged by your credit card company and choose the minimum monthly payment you would like to make. The calculator will show you how many months it will take to pay your balance(s) off and the total amount of interest that you will pay over that period.
Enter different sample payments and it will show you exactly how much interest you can save by increasing your minimum monthly payment. In doing so, you will see that small changes in your minimum payment will have a significant impact on the interest you will end up having to pay and your potential savings.
The feedback we have received from clients who have been using this calculator is that, being able to see how much they can save has, encouraged them to make extra payments and payoff their debt sooner.
Important Financial Advice: Making only the minimum required payment on your credit card or line of credit each month maximizes the profit for the credit card companies and banks, while at the same time, puts you on a lifetime treadmill eliminating any chance for you to make a significant reduction in your debt(s). The banks encourage this situation by increasing your credit limit without your even asking! For many Albertans, this is the situation they have found themselves in.
Making even a slightly larger payment will have a tremendous impact on your debt and shorten the timeline required for you to pay that debt off!