The purpose of the Credit Card Minimum Payment Calculator is to calculate how long it will take to pay off your credit card balance if you only make the minimum payment. To use this tool you will need the current balance, interest rate and payment percentage for minimum payment calculations for each of the credit cards that you have. You can typically get this information off of our last billing statement. The calculator will then show you how long it will take to pay off the credit cards that you have entered.
Credit Card Minimum Payment Calculator Overview
Credit Cards are quickly replacing cash and checks as the most commonly used form of currency. Unfortunately, many people are over-using their credit cards and they are racking up huge balances. As credit card users reach their spending limits they typically just make the minimum payment. While this is enough to keep your credit card current and in good standing, it really doesn't help you to pay off your balance, especially if you have a high interest rate. If you are interested in learning how long it will take you to pay off your credit card balance by paying only the minimum payment then you can use our Credit Card Minimum Payment Calculator.
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