Calculator: What Will It Take to Pay Off My Balance?
Credit card balances sometimes seem to take on a life of their own.
If you've wondered how a habit of paying only the minimum due each month affects you, check out
this calculator. Or use the calculator to help you determine how much better off you'd be with a
lower-rate credit card from the credit union.
If you want to pay off your balance of $ in months,
stop making charges to your card and make a monthly payment of
$. (If you continue to make charges, notice the effect on your calculations—and on your budget!)
Otherwise, at your current payment of $,
you will pay off your balance in months.
This calculator is solely for informational purposes and provides reasonably
accurate results; the calculations are not intended to be relied upon as actual credit payment
computations.
