Credit Card Interest Payments and How Long it Takes to Pay
This calculates the
amount of interest you'll end up paying if you make only
minimum payments on your credit card bills. It shows
how many payments it will take before your balance is
Enter the minimum % in
column 3. Look on your credit card
disclosure statement to find that statement about your minimum payment.
Enter your minimum payment in colum
After completing columns 1 through
4 hit the calculate button or reset to do another
Balance of Account
Minimum Payment Percent
Leave these three boxes empty!
Total Interest Charged
Number of Payments
Total # of Years
If it will take
more than 400 payments to pay off your debt, try changing the "Minimum Payment Percent"
or "Minimum Payment" and recalculate. Also look at the total interest that you are paying back. It can be outrageous!