Credit Card Interest Calculator
The Credit Card Interest Calculator is a tool that helps you understand how much interest you’ll pay on your credit card debt and how long it’ll take to pay off your balance.
What it calculates:
- Payoff Time: The calculator estimates how many months it’ll take to pay off your credit card balance based on your current balance, interest rate, and monthly payment.
- Total Interest Paid: It calculates the total amount of interest you’ll pay over the life of the debt, so you can see the true cost of carrying a balance on your credit card.
- Amortization Schedule: The calculator also generates a detailed schedule showing how your balance, interest, and payments change over time, so you can see exactly how your debt is being paid off.
Why it’s useful:
By using this calculator, you can:
- Understand the impact of interest rates on your credit card debt
- See how increasing your monthly payment can save you money in interest and pay off your debt faster
- Make informed decisions about your credit card usage and payment strategy