Paying down credit card debt is a laudable goal – but finding the right balance between paying your debt down quickly and keeping your payments affordable can be a challenge. This Roll Down Your Credit Card Debt Calculator is designed to help you do exactly that.

This calculator takes your total credit card debt and assorted interest rates for each card, and lets you see just how much faster you would be able to pay off those debts by paying a bit extra every month. It also shows you how much interest you would save by paying your cards off faster as well.

You may be surprised by how much faster you can pay off your cards with just a small increase in your monthly payments. This calculator makes it easy to explore a range of accelerated payment options so you can choose a level of payments that is right for your budget while paying off your cards in an acceptable length of time.

Using the Roll Down Your Debt Calculator

To use this tool you will need to know the balances, interest rates and payment amounts for all of your credit cards. The calculator will accept information for up to 10 different credit cards.

Enter your information in the boxes indicated. For detailed explanations of each, you can click on the description of each box. Otherwise, the following is a summary of each:

  • Roll-down amount: Additional amount you'd like to pay each month above your minimum payments.
  • Minimum payments: Assumes minimum monthly payments are 4 percent of the balance on each card. Unchecking this allows you to enter your own amounts in the payment box on each card.
  • Highest rate: Check if you want the calculator to focus on paying off cards with the highest rates first.
  • Credit card balance: Enter the amount owed on each individual card here.
  • Interest rate: Rate you are paying on each card.
  • Payment: How much you are paying on each card per month. If you choose the minimum payment option at the top of the page, this will be figured automatically. Uncheck the option to manually enter an amount.
  • Snowball interest: In the report generated after imputing your information, this refers to the interest you'd pay with an accelerated "roll-down" payment schedule compared to your current or minimum payments.

After entering your information, the calculator will show a comparison of how much faster you can pay down your debt with the additional (roll-down amount) payments vs. your minimum payments. At the top of the page, it will also show how much interest you'd save using the accelerated payment schedule.

Clicking the "View report" button at the top of the page will give you a more detailed breakdown of your roll-down  payment schedule, including a comparison of how much interest you'd pay with your current vs. accelerated payments and a year-by-year comparison of the two payment schedules.

If you choose to pay off your cards with a higher interest rate first, the report will show you just how long it will take to pay off each card in sequence, as well as well as what your new rolldown payment will be on each card as you shift your priority to that one.

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