How to Calculate the Effects of Credit Card Payments
Are you carrying credit card debt? Use the CNN debt reduction planner to learn how about the nature of your credit card debt.
What to do
Visit the CNN Debt Reduction Planner.
The First Section is entitled: ‘Enter Credit Card Information’. For the credit cards on which you carry a balance enter name of each credit card, the balance you are carrying, the interest rate you are charged, and the minimum monthly payments you are required to pay in the appropriate fields.
Use the Second Section to receive estimates about different aspects of your credit card payments:
- If you select the Minimum payments option and click the blue calculate button - the calculator will tell you how many years and months it will take you to pay off your current balance if you only pay the minimum payment per month. It will also tell you how much money you will end up paying in interest.
- If you select the Fixed Payment option, input how much money you would like to pay per month and click the blue calculate button - the calculator will tell you how many years and months it will take you to pay off your current balance if you pay your designated payment per month. It will also tell you how much money you will end up paying in interest.
- If you select the Debt-free deadline option, input in how many years and months you want to be debt free, then click the blue calculate button - the calculator will tell you how much money you need to pay per month to pay off your designated balance in the time you specified. It will also tell you how much money you will end up paying in interest under this payment plan.
A little more
The CNN Debt Reduction planner is a quick and easy way to learn more about your credit card debt, and the relationship between the payments you make per month, the total interest you will pay on your balance, and the amount of time it will take you to pay off your debt.
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