Credit Card Payoff Calculator
Have you ever wondered what your credit card payoff would be?
In other words, how long will it take at your current rate and payment to payoff credit card debt!?
Some of us probably don’t want to know because we don’t want to get depressed.
But it’s actually a good idea to see what exactly you need to do to get rid of that credit card debt faster!
I stumbled upon a mortgage site that has a ton of calculators to use, so below you’ll find one that I thought might be helpful in calculating your credit card payoff.
Before you jump right in, consider these three reasons why you should calculate your credit card payoff:
To Get a Reality Check on Your Credit Card Debt
I remember back in college when I first started making credit card mistakes and racking up debt I had a relaxed attitude towards it. It just wasn’t a big deal for me – that is until I started getting deeper and deeper in debt.
I needed a reality check on my current situation to understand the devastating affects of credit card debt! Seeing how long it will take you to payoff credit card debt will give you that reality check!
To Motivate You to Payoff Your Credit Card Debt
Hopefully what that reality check will do is then motivate you to start getting rid of credit card debt faster! Getting “gazelle-like-intensity” as Dave Ramsey likes to call it!
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To Help You Understand the Dangers of Credit Card Debt
Credit cards are wild beasts that need to be tamed! Do you believe that? They really are.
If you’ve got a relaxed attitude about your credit cards and don’t really seem to care (like many people I talk to) you need a quick wake up call to see the dangers of credit card debt!
So go ahead, type in your situation in the Credit Card Payoff Calculator below and see what your credit card payoff really is!
What Is Your Credit Card Payoff?
Care to share your results with us below? Let’s motivate each other to pay off those credit cards!!!
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{ 10 comments… read them below or add one }
Jason,
That is a cool calculator. It forces reality to smack you in the face! I am assuming that under the new credit card bill, users are being told how long it will take them to pay off their balance if they keep making the current payment at the current interest rate. I wonder if people are even reading that part of their statements. Of course that info doesn’t tell how much extra you would need to pay to get the debt paid off in a set time frame (like your calculator does).
Good eye-opening post.
.-= Joe Plemon´s last blog ..Airstream Saga Continues: Jan and I Second Guess Our Decision =-.
Another quick note: I just noticed your Alexa rating is under 200,000! Congrats! 100,000 is on its way!
.-= Joe Plemon´s last blog ..Airstream Saga Continues: Jan and I Second Guess Our Decision =-.
Joe – great point about the new credit card rules and having that info. in the statement! I totally forgot about that, but yes you’re right – this calculator will show how much extra is need to get to your goal in a set time frame!!
Thanks for the congrats on the Alexa – keep visiting!
Jason, thanks for the motivating post! If you only know where you stand, you will know which direction to walk…..or run to. It is amazing how quickly you can pay your credit card off when you don’t have any debt!
.-= BibleDebt´s last blog ..Blog Buzz – Over 200,000 =-.
That’s a great tool! Not being able to visualize a payoff probably keeps most from ever doing it. Seeing the numbers sure helps.
But paying them off starts with not adding anything to them–the constant tempatation with credit cards! The only way to pay them off is to get a fix on them, like using that calculator, then not adding any debt!
.-= Kevin@OutOfYourRut´s last blog ..Advantages of Business Credit Cards =-.
Bible Debt – half the battle is recognizing where youre at and then taking action on making changes. Thanks for checkin’ in!
Kevin – so true – there is a constant temptation to use the cards and pile on the debt. I remember how badly I struggled with that when I was knee deep in credit card debt!
What I find amazing is how an extra $50 over the minimum can save so many years and total interest.
Ken, yeah that should be motivating – coming up with an extra $50 should be relatively easy!
We should always remember and understand that credit money is not given in the form of cash or checks. It is like a virtual money that cannot be truly yours until you use it. Sometimes, because of temptation and wants, we tend to spend more than necessary thus our credit debts are accumulated and become more than what we can pay for. Though we want to get away from it, it already becomes a part of us. The financial problems we face because of credit cards are becoming more serious and hard to resolved. We should understand our credit debts and learn from it.
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