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Use this calculator as a starting point for your debt management plan.
Enter all of your credit cards and outstanding installment loans. Find
out how much you owe and how long it will take to pay it all off.
You can quickly produce a report with a debt summary and a payment schedule.
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Definitions
| Credit cards |
Enter up to 10 credit card accounts, one on each
line. |
| Balance |
Your current balance on your credit card. |
| Interest rates |
The average annual percentage rate you pay. This
interest rate is calculated for each of the categories of debt you have
including credit cards, Auto Loans and other installment loans. For
credit cards the rate you enter is used to calculate the interest on
all future credit card payments. The length of time to pay off this
credit card may be much greater than calculated if you enter a low promotional
interest rate that is only good for a short period of time. |
| Auto loans |
Click on the details button to enter any auto
loans you may have. The details page is designed to let you enter your
current monthly payment, the term (in months), the starting balance,
the number of months you have left. It then calculates your outstanding
balance and interest rate. You can enter up to three installment loans. |
| Other loans |
Click on the details button to enter any additional
installment loans you may have. The details page is designed to let
you enter your current monthly payment, the term (in months), the starting
balance, and the number of months you have left. It then calculates
your outstanding balance and interest rate. You can enter up to six
installment loans. |
| Payment |
This is your initial monthly payment. For credit
cards, if you checked the "use credit card minimum payments" box, your
monthly payment is calculated as 2% of your current outstanding balance.
With the "use credit card minimum payments" box checked, your monthly
payment will decrease as your balance is paid down. This can greatly
increase the length of time it takes to pay off your credit cards. Uncheck
this box to enter your own monthly payment that will remain the same
until your balance is paid in full.
( We calculate your minimum monthly payment as 2% of your current
outstanding balance. While your actual minimum monthly payment may
be slightly different, this is one of the most common methods used
by credit card companies to calculate minimum payments.)
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information and interactive calculators are made available to you as self-help
tools for your independent use. We can not and do not guarantee their
accuracy or their applicability to your circumstances. We encourage you
to seek personalized advice from qualified professionals regarding all
personal finance issues.
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