Credit Card Payment Calculator
See how much extra you will pay if you only make minimum payments on your credit card bill
Our credit card payment calculator can help you determine the most effective way possible to pay off your credit. According to Equifax, the average debt per Canadian consumer (including mortgages) reached $71,300 in the first quarter of 2019. If this sounds like you, taking a month to pay the minimum won’t cut it.
To reduce your credit card balance and the charges you pay from your interest rate, simply follow the credit card calculator steps:
- Type in the amount of money you owe to one card issuer.
- Include the APR (interest charge on credit card debt) You can find this on your statements.
- They base your minimum monthly payment on a percentage of the dollar amount you. You can find it on your original credit card agreement document. Otherwise, use “3,” the standard.
You should be able to find the information on your most recent credit card statement. Once you complete all fields click CALCULATE. You may use decimal points on cash values, but do not enter any other special characters, such as commas, $, %, etc. If you need assistance, click the blue help bubbles for more details.
Using this credit card payment calculator shows you a debt repayment schedule, including how long it will take you to pay it off. You’ll also see:
- The total amount of you’ll pay in principle and interest charges
- Suggested payment options, such as Debt Management Plan (DMP) with a fixed amount
Remember, these numbers are just for a single credit card. Do this exercise for all of your cards to get a clearer picture of when you will be out of credit debt. The sooner you get on a schedule, the sooner you’ll see your credit scores improve.
Use this credit card payment calculator to compare different payment methods. If you think you may need debt relief, give Consolidated Credit a call at (844)-402-3073 to speak with a trained credit counsellor in a free consultation or get started online with a Free Debt Analysis.
Ready to achieve debt freedom? Contact us today to speak to a trained credit counsellor.