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Debt Counseling Assistance :: Credit Card Interest Calculator
Credit Card Interest Calculator:
How a Calculator Can Help You With Credit Card Interest
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A credit card interest calculator will help you create a debt repayment schedule and actually see how much credit card interest charges are really costing you.
These free, online calculators work by taking the balance, interest rate and minimum monthly payment for each of your credit cards. After all the information is inputted, a good credit card debt repayment calculator will spit back out a full repayment schedule based either on your maximum monthly payment or your target deadline date.
Benefits of a Credit Card Interest Calculator
A good credit card debt repayment calculator's first major benefit is that it lays out an exact repayment schedule, based on whether you want to make fixed payments, hit a target deadline or start with the smallest debts first.
From there, you'll have a complete, month-by-month guide of how much to pay each creditor. Instead of simply socking away money, you'll have a detailed plan that's simple to follow and lets you set clear, achievable goals.
The next benefit of a credit card repayment calculator is that you can actually see how much each payment can make a difference and how much interest you'll pay over the long-term. You can also tweak the numbers and see how much of an impact an extra $15 a month can make on your long-term interest costs (you could save thousands).
Where to Find an Interest Rate Calculator
Probably the best credit card and debt repayment calculator is the one found on the CNN Money site (http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp). It's very simple to use, highly customizable and generally free from pop-up ads.
Another great sight is Bank Rate (http://bankrate.com). You can find a credit card interest calculator along with a ranking of the 25 best credit cards based on interest rates, late fees, cash advance rates and grace periods. The interest rates are updated daily.
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Debt-Counseling-Assistance.com :: Credit Card Interest Calculator