Friday, November 4, 2011

The 6 Best Credit Card Payoff Calculators

Credit cardsImage via WikipediaYou made up your mind to finally pay off those credit cards for good. Only problem you don't have a clue where to start. Do you start with the card with the biggest balance, highest interest, or do you use the Debt Snowball as suggested by Dave Ramsey. It's pretty confusing. What you need is a credit card payoff calculator. Here is a list of my favorites:

WhatstheCost.com Debt Snowball Calculator
When you go to this website you'll notice it is not one of the slickest. But it is one of the best because of its simplicity. It's a U.K. site, but it will adjust for other currencies. You can enter up to 20 different credit cards, their balances, interest rate, promotional rate, expiration months, and your minimum payment. You can choose whether to pay off your debts in order of highest interest rate or lowest balance. After entering your data you can print out a table listing every payment you need to make. If you want to save your data, you can sign up for an account and it will keep track of your debt payoff progress.



Related:  Debt Snowball. What is it?

Bankrate's Credit Card Payoff Calculator
Bankrate.com has a simple credit card calculator that will tell you how many months it will take to pay off one credit card, depending on the data you enter. You can re-enter data to calculate a quicker payoff schedule. You can only enter one card.

Creditcards.com 
Credit Card Payoff Calculator
Creditcards.com has a calculator where you enter your current balance, interest rate, and monthly charges. Also enter how many months you would like to take to pay off the debt. After you enter your data the calculator tells you how much to pay per month. It even offers suggestions on a higher payment and how much interest you would be saving if you followed the advice. A graph is also offered to track your progress and a table shows your progress. It can only be used for one credit card at a time.

AARP.org Credit Card Payoff Calculator
AARP has a nice credit card payoff calculator. You enter your current balance, current payment, interest rate, fees, additional payment, and time period. After you click calculate you get a nice bar chart showing your new payment plan with 4 other payment plans with longer and shorter durations. You get a month by month table you can print out to plot your progress. This calculator is only for one credit card.

Related: 
Debts True Effect On Your Self and Family

CreditCardFinder.com Credit Card Payoff Calculator
Here we have a multi card credit card payoff calculator. Enter your card name, balance, rate, and current minimum. Pick your strategy of highest interest first, lowest balance first, order entered in table, and extra monthly payment. After you click on the calculate button you get a chart indicating all the payments and balances remaining. A graph is included to show your progress. Plus you can print the charts or download the chart into your own spreadsheet.



CreditCardCompare.com.au Minimum Repayment Calculator 
CreditCardCompare have a calculator that allows you to work out how long it would take and how much money it would cost to continue making only the minimum monthly repayment on your credit card compared it what you would save by paying more back each month. An animated graph plots the results so that the difference can be easily visualised.

These 6 credit card calculators will help you get started on your debt snowball. My favorite has always been WhatstheCost.com Debt Snowball Calculator. But whatever calculator you choose the good news is you have made up your mind to get out of debt.






4 comments:

  1. This comment has been removed by a blog administrator.

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  2. Just recently, I had penalty on my credit card due to late payment. I'm really sorry for myself because I forgot that I have credit card to settle. I missed the dates. I badly need a reminder.
    -Sam Royerson, Chiropractor Long Beach

    ReplyDelete
  3. Just recently, I had penalty on my credit card due to late payment. I'm really sorry for myself because I forgot that I have credit card to settle. I missed the dates. I badly need a reminder.
    -Sam Royerson, Chiropractor Long Beach

    ReplyDelete
  4. I created an online credit card payoff calculator a while back. Would you be able to check it out and let me know what you think? Thanks!

    http://calculatecreditcard.com/monthly-payment-calculator/

    ReplyDelete

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