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Calculating The Real Cost of Credit Card Debt
This will calculate how long it will take to pay off credit card debt. It will also calculate the total interest that will be paid over that same period.
Hanging on to large amounts of credit card debt will cost you a lot in the long term. While you might feel uncomfortable paying off only a small amount each month, the credit card companies like nothing more than having you just make the minimum payment.
While in the short-term your borrowing costs might not seem like that much, once you see what it costs you in the long-term you may be surprised. Use this handy debt calculator to calculate how much your credit cards will cost you over the long-term, and what it would take for you to pay off the debt more quickly.
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