Your minimum payment for credit card debt is calculated as a percentage of your total debt balance, or as interest plus 1 percent of the debt. Credit card companies also set a minimum fixed amount that the payment won't fall below. The minimum credit card debt payment drops as your balance is paid, but due to compounding interest, this will take a long time if you only make the minimum payment.

Use the credit card debt calculator to see how much interest you must pay depending on your interest rate and the size of your payments.


Total Credit Card Debt:
Interest Rate (APR):
Monthly Payment:

Months Until Debt Free:
Amount Payed To Lender:

This credit card debt calculator estimates how long it may take to repay credit card debt. This estimation does not include factors such as late payment fees, service fees, interest rate changes, or ongoing use of the credit card. This credit card debt calculator is for illustrative purposes only.

It is very important to make more than just your minimum credit card payment. Use the credit card debt calculator to see how your interest rate affects your credit card payments, and how much more interest you must pay when the size of your monthly payment decreases. The default settings for the credit card debt calculator are typical for many credit card providers. If you are struggling to make your credit card debt payments, Debt Freedom Tips recommend seeking professional debt settlement help.

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Tip 6: Bankruptcy should be your last option when resolving your debts. It is the only debt resolution solution that is tracked long-term (10 years), may cost you a job, and is a lose-lose situation. Please consider Debt Settlement, Credit Counseling, and Loan Modification first; you can always file for bankruptcy later if needed.

Tip 7: Despite popular belief, the Debt Settlement industry has fewer complaints per-person than Credit Counseling. This is remarkable as Credit Counseling services have existed for many decades, while Debt Settlement has existed for only 1 decade. Generally, more mature industries have had more time to 'get it right.' Lobbying by the Credit Card and Credit Counseling industries unfairly represent Debt Settlement, as it is a competing industry.

Tip 8: Over 70% of all credit reports contain errors that impact your costs and ability to borrow money. You should actively track your credit score and dispute any errors you find.

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