Credit card calculatorsThere is a wide variety of credit card calculators online that can do the hard work for you. Better yet, they're absolutely free. For example, there are four on the IndexCreditCards.com website that can calculate for you the answers to these questions:
- How much interest do I pay when I revolve my credit card balances?
- How much could I save with a lower interest credit card?
- How much do I need to pay each month to pay off my credit card?
- How long will it take to pay off my credit card?
Controlling or eliminating credit card debtEven if you're entirely comfortable with your card debt, you may find that getting a grasp on the basic figures could save you from high interest payments. You might, for example, find the information spurs you to apply for a low-interest product, or for one of the many balance transfer credit cards that are currently offering zero-percent introductory rates for extended periods. But these credit card calculators can be even more valuable if you're starting to worry about the debt levels on your plastic. Many professional counselors say that there are three essential first steps to bringing your finances back under control:
- Recognize that you have a problem.
- Write down the amount you owe on each card so you have a comprehensive overview of your situation.
- Set yourself ambitious but realistic goals for paying down your balances, normally starting with the cards with the highest interest rates. Make minimum payments on the others till the high-cost ones are out the way.