Credit Card Direct: Debt Calculator

Debt Calculator

How much do you owe?
Use this calculator as a starting point for your debt management plan. Enter all of your credit cards and outstanding installment loans balances. Find out how much you owe and how long it will take to pay it all off.

This Financial Calculator requires a Browser with Java Support

User's Guide Manual

To use this calculator effectively:
1. Read the definitions at the end of this page.

2. Enter all of the variables: rate (%) and dollar ($) amount.

3. Select the "Details" button to open a budget table calculator. Enter all of the variables: rate or dollar ($) amount; then, click "OK".

4. Select varieties of options and possibilities.

5. To see the results Click "Calculate" button.

6. To read and print more detailed explanations of the results, click "View Report" button.

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 details button to enter any auto loans you may have. The details page is designed to let you enter your current monthly payment, the term (in months), the starting balance, 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 details button to enter any additional installment loans you may have. The details page is designed to let you enter 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 2% 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 2% 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.)

* Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

* You may link to our calculator web sites or print them out for your own personal use, but no parts of these pages or software program can be copied, reproduced, sold, or transmitted in any form without explicit written permission. By copying or paraphrasing the intellectual property on this site, you're automatically signing a binding contract and agreeing to be billed $10,000 payable immediately.

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 details button to enter any auto loans you may have. The details page is designed to let you enter your current monthly payment, the term (in months), the starting balance, 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 details button to enter any additional installment loans you may have. The details page is designed to let you enter 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 2% 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 2% 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.)