Smash out your credit card debt
Step 1: First Calculation
Start by adding the balance and interest rate into the calculator.
Next add in the minimum monthly payment required as shown on your latest statement.
Click 'Calculate' to see a table showing you how long it will take you to repay your balance if you only make the minimum payment (and assumes you don't use the credit card for any future purchases).
Step 2: Second calculation
Increase the minimum payment to an amount you are confident you can pay every month to repay the balance faster.
Click 'Calculate' to see how much faster you will repay the balance.
| Opening Balance | Minimum Payment | Interest Rate |
|---|---|---|
| Month | Balance | Interest | Principal |
|---|---|---|---|
| 1 | $716.63 | $16.63 | $283.38 |
| 2 | $428.54 | $11.91 | $288.09 |
| 3 | $135.66 | $7.12 | $292.88 |
| 4 | $-162.08 | $2.26 | $297.74 |
Disclaimer: This calculator is intended for providing a guide only and in using it you do so under the terms and conditions as published on this website at the time of use.
You should always ask your card provider to provide a print out of payments and balance forecast for accuracy in amounts and time required based on your individual circumstances.
Did you know this?
When credit card balances frustrate people they often focus on repaying their credit card balance off too fast. The frustration has driven the desire to get rid of this debt which is certainly a good thing to do.
A good plan for anyone serious about putting an end to credit card debt is to balance repayments with savings. By growing your savings, when an expense comes up, you have money to pay for it rather than using the credit card again because there is no other choice.
Every purchase you make incurs interest from the day you make it if you are still trying to pay off your outstanding balance so do your best to make a plan that helps you avoid the need to use your card.