Credit Card Debt Calculator
Credit cards are great you can cover some of your expenses if you come up a little short and as long as you can pay them off in a reasonable amount of time they are great deal.
If you use them in that way, on the other hand, you can use them to live beyond your means, you didn’t need that 52inch LCD 1080p 120hz TV but you sure as hell wanted it. I sure as hell wanted that LCD TV.
As a newly graduated college student I found how far my money really does go. It’s not that far. Especially when you have a credit card payment to pay, of course I could of just paid the minimums, but use the debt calculator and you can see how much of a bad idea that really is. Moral of the story if you can pay more than the minimums do it, even if it’s 5 bucks more do it. It makes a huge difference in the long run. Remember you’re borrowing money so they have to get a pay off for letting you borrow it, that’s where the interest comes in. Take for example if you have the average interest rate or 12.99% APR and you have a 10k balance, you are going to pay 108.25 in interest. That sucks.
I finally got mine paid off it was a huge relief of course now I have to pay off the student loans. That’s another story all together, I took out way more than I should of, I’ll pay for it. For the next 10 years.
In the mean time heres a quick calculator for your credit card debt it’s still beta so if you start playing with the numbers too much you can have it go into an infinite loop, which is no fun if that happens force quit/end task your browser and start again. I’ll work on the calculator more as I go along, as well has a nifty calculator for student loans and home mortgages since I’m hoping that I can build up my savings and get a house in the next few years.
Note: I’m not an accountant I made this tools for myself, it’s not going to be spot on but it should be pretty damn close.