Figure Out How Much You Owe
Use this calculator to find out how much you owe. This can be used as a
good starting point for your debt management plan. Enter all of your
credit cards and outstanding installment loan balances. Find out how
much you owe and how long it will take to pay it all off.
Definitions
Credit cards
Enter up to 10 credit card accounts, one on each line.
Balance
Your current balance on your credit card.
Interest rates
The average annual percentage rate you pay. This interest rate is
calculated for each of the categories of debt you have including credit
cards, auto loans and other installment loans. For credit cards, the
rate you enter is used to calculate the interest on all future credit
card payments. The length of time to pay off this credit card may be
much greater than calculated if you enter a low promotional interest
rate that is only good for a short time.
Auto loans
Click on the "Enter Data" button to enter any auto loans you may have
into the details page.
Other loans
Click on the "Enter Data" button to enter any additional installment
loans you may have into the details page.
Payment
This is your initial monthly payment. For credit cards, if you checked
the "use credit card minimum payments" box, your monthly payment is
calculated as 4% of your current outstanding balance. With the "use
credit card minimum payments" box checked, your monthly payment will
decrease as your balance is paid down. This can greatly increase the
length of time it takes to pay off your credit cards. Uncheck this box
to enter your own monthly payment that will remain the same until your
balance is paid in full.
(We calculate your minimum monthly payment as 4% of your current
outstanding balance. While your actual minimum monthly payment may be
slightly different, this is one of the most common methods used by
credit card companies to calculate minimum payments.)
Information and interactive calculators are made available to you as
self-help tools for your independent use and are not intended to
provide investment advice. We cannot and do not guarantee their
applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes. We
encourage you to seek personalized advice from qualified professionals
regarding all personal finance issues.
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