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Use this calculator to determine how long it will take you
to payoff your credit cards if you only make the minimum payments.
Enter your credit card information below and press "view
report" to see your payoff details.
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wait while Java applet loads... |
Field Definitions
- Balance
Your current balance on your credit card.
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- Interest rates
The average annual percentage rate you pay. This interest
rate is calculated for each of the categories of debt you
have including credit cards, Auto Loans and other installment
loans. For credit cards the rate you enter is used to calculate
the interest on all future credit card payments. The length
of time to pay off this credit card may be much greater
than calculated if you enter a low promotional interest
rate that is only good for a short period of time.
- Payment %
This is the percent of your outstanding balance that will
be used to calculated your minimum payment for the month.
Your monthly payment is calculated as the percent of your
current outstanding balance you entered. Your monthly payment
will decrease as your balance is paid down. This can greatly
increase the length of time it takes to pay off your credit
cards.
- Payment $
This is your initial monthly payment. For credit cards,
this is calculated as your minimum payment. Your monthly
payment is calculated as the percent of your current outstanding
balance you entered. Your monthly payment will decrease
as your balance is paid down. This can greatly increase
the length of time it takes to pay off your credit cards |
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