Credit Card Payoff Calculator
Credit card debt is sometimes the easiest to get into and the hardest to get out of. Once credit card companies lure you into using their cards with low introductory rates and special rewards and you run up a balance you’re trapped. One false move (late payment, inquiries on your credit report, etc.) and your interest rates skyrocket. When the interest rates go up it becomes impossible to pay off credit card debt without making payments that are substantially higher than your minimum payments.
The calculators below will help you deretmine whether it is possible for you to pay off your credit cards in your lifetime. Simply enter your current balance, interest rate, current minimum payment, and the amount of a fixed payment that you can afford every month. The calculator will tell you how long it will take you if you make the fixed payment you entered to pay off the credit card, the total payments, and the total interest. The second calculator will tell you how much your payments will have to be in order to pay the card off in the period of time you specify.
If the results show that there is no possibility you will be able to pay the credit card debt off within a 3-5 year period by making a reasonable payment you may nenefit from filing Ch 13 or Ch 7 Bankruptcy. Call me at (251) 473-1800 for advice about your options.