Credit Card Debt Calculator

Use our credit card debt calculator to find out how much you owe and how long it will take to pay the debt off. This will be a good start for paying off your credit cards. Enter all of your credit cards, outstanding loans balances and let our credit card debt calculator do all the math calculations for you.

This Financial Calculator requires SUN's JavaT Plug-in. If you see this message you will need to download SUN's JavaT Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

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For more information about this Plug-in please visit: SUN's JavaT Plug-in
For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Credit cards: Enter up to 10 credit card accounts, one on each line.
Balance: Your current balance on your credit card.
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.
Auto loans: Click on the "Enter Data" button to input any auto loans you may have into the details page. This details page is designed to let you input your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to three installment loans.
Other loans: Click on the "Enter Data" button to input any additional installment loans you may have into the details page. This details page is designed to let you input your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to six installment loans.
Payment: This is your initial monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, 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. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Credit Card Debt Calculator

Credit card debt calculator is an online software program that allows one to calculate the actual debt he or she owes. It also tells one the time it will take to repay the debt completely with the current interest rate.

How will it help you?

If you are particular about your financial planning, this tool can be of great help you. One of the difficult things in financial planning is to figure out the exact amount of debt. Often, many people consider only the loan or the available credit. They tend to ignore the interest of the loan or the credit card amount. In the long run, the interest amount can become a significant portion of one's expenses. Therefore, it is essential to take the interest also into account for proper financial management.

If you do the calculations about the interest manually, you will soon get bored and disinterested, unless you enjoy number crunching. The credit card debt calculator software package comes handy for this purpose. It saves you both time and effort.

This software tool is also ideal for those who want to start some kind of financial planning to survive in today’s tough times of recession.

How to use It

It is easy to use a credit card debt calculator. You have to enter the current credit card balance amount and the interest rate. The details of up to ten credit cards can be fed in. There are two choices for calculating the interest amount. The first option is that you can provide the interest rate, and the software will calculate the interest amount. For this you have to tick a box corresponding to "Use credit card minimum payments", at the bottom of the software interface. If the interest rate changes often, as part of some offer or discount package, you have the option of entering the interest amount manually as well. You do not need to check the box, if you prefer this route.

The credit card debt calculator software also allows you to record the details of auto loans, home loans, and other type of loans. You need to enter the total loan amount, monthly installment amount of the loan, overall period of the loan, and the remaining number of months. The software automatically calculates the balance amount and interest rate.

Once you provide all the details, the credit card debt calculator software allows you to get reports and graphs that will show you how long it will take to repay all the debts and how much you will have to pay each year.