Credit Card Information

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

? This is the annual interest rate you pay on your credit card. This can be found on your credit card statement.

Payment Option #1: Minimum Payment Only

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.

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.

Payment Option #2: Minimum Payment Plus

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.

? This is your calculated first minimum monthly payment. This is calculated automatically using the information you provided above.

Payment Option #3: Fixed 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.

Note: Federal regulations require credit card issuers to disclose on your credit card statement how long it will take to pay off your estimated balance if you make minimum monthly payments. Estimates may be rounded up to the next $100. This debt calculator uses your actual credit card balance, so the results may vary from the estimate shown in your credit card statement.