Debt Calculator

Please enter the following from your most recent credit card statement:

This is the total amount currently owed on your credit card. This can be found on your most current credit card statement. Current balance:

$

This is the annual interest rate you pay on your credit card. This can be found on your credit card statement. APR (annual percentage rate):

%

This option estimates how long it will take to pay off your credit card balance if you plan to make the minimum monthly payments only:

The Minimum Monthly Payment Calculation is the percentage or formula used to determine the minimum payment requested on your credit card bill each month. This calculation should be specified in your Credit Card Agreement Disclosure and/or on your credit card statement. Minimum Monthly Payment Calculation:

Interest + 1% Balance 2% 2.08% 2.5% 2.78% 3.0% 3.5% 4% 4.5% 5%

Based on the information provided, your first minimum monthly payment is $0.00. Note your minimum payment decreases as you pay down your credit card balance.

This option estimates how long it takes to pay off your credit card if you commit to paying a set amount in addition to the minimum payment. With this option you commit to paying the minimum monthly payment
due plus a set amount extra each month.

For example: minimum payment + twenty dollars

This is the extra money you are willing to spend to pay off your credit card in addition to the minimum monthly payment—i.e. if you can commit to paying $20 extra in addition to your minimum monthly payment, enter “20” in the box. Additional monthly payment:	$
This is your calculated first minimum monthly payment. This is calculated automatically using the information you provided above. First minimum monthly payment:	+ $
First total monthly payment:	= $

This option estimates how long it takes to pay off the credit card balance if you commit to paying a fixed amount each month. This means you set the amount you pay and do not change the amount as you pay
your bill down.

For example: pay $300 each month

*Your fixed payment must be greater than or equal to your first minimum monthly payment.*

This is a set amount of money you are willing to spend each month to pay off your credit card, regardless of the amount owed. It must be greater than or equal to your first minimum monthly payment. Fixed monthly payment:

$