Credit Card Interest Calculator
This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card debt. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).
Instructions: On your credit card disclosure statement the credit card company will tell you that "your minimum payment will be 2% of the balance or $10, whichever is higher" (example). These are the figures you will enter in Column C and Column D respectively. Enter amounts in Columns 1-4 and then press compute.
If after calculating the total amount of credit card interest you will pay, you feel overwhelmed or like you are downing in debt, don’t panic. Call ACCC today at 800-769-3571 to speak with a certified credit advisor about your current financial situation and possible debt solutions based on your personal situation and financial goals. Possible solutions include a debt management plan, social service referrals, and educational materials and resources to help improve your current financial situation and needs.