Smash My Credit Card Debt
Have you ever felt like you are making payments but the balance isn’t going in the right direction?
This handy calculator will help you work out your future balance so you can figure out exactly how much you need to pay each month to reach your goal of a zero balance.
If the payment required is too much, reduce the payment you can make and find out what your balance will be at a future date.
Enter your current balance, payment amount and interest rate then click ‘Calculate’
Note: Calculation based on payments made monthly and assumes no credit card fees or charges are added to your card during the period of repayment. Also assumes your card is not used for any purchases during the repayment period. Due to the variables between providers and card holders this calculator is intended as a guide only.
| Month | Balance | Interest | Principal |
|---|---|---|---|
1 | $4,783.13 | $83.13 | $216.88 |
2 | $4,562.64 | $79.52 | $220.48 |
3 | $4,338.50 | $75.85 | $224.15 |
4 | $4,110.63 | $72.13 | $227.87 |
5 | $3,878.97 | $68.34 | $231.66 |
6 | $3,643.45 | $64.49 | $235.51 |
7 | $3,404.03 | $60.57 | $239.43 |
8 | $3,160.62 | $56.59 | $243.41 |
9 | $2,913.16 | $52.55 | $247.45 |
10 | $2,661.59 | $48.43 | $251.57 |
11 | $2,405.84 | $44.25 | $255.75 |
12 | $2,145.84 | $40.00 | $260.00 |
13 | $1,881.51 | $35.67 | $264.33 |
14 | $1,612.79 | $31.28 | $268.72 |
15 | $1,339.61 | $26.81 | $273.19 |
16 | $1,061.88 | $22.27 | $277.73 |
17 | $779.53 | $17.65 | $282.35 |
18 | $492.49 | $12.96 | $287.04 |
19 | $200.68 | $8.19 | $291.81 |
20 | $-95.98 | $3.34 | $296.66 |
Why transferring credit card debt fails
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