What in the World is a Credit Card Calculator?
Contributed by Melanie Vannuys
What In The World Is A Credit Card Calculator?
A credit card calculator is an interactive and very useful tool designed to help you determine how long it will take you to pay off your current credit card debt. The calculator allows you to enter:
* Your current credit card balance;
* Interest rate;
* Monthly payments;
* Pay off goal;
* Annual Fee;
* Near future major purchases;
* How many months until your major purchase
The credit card calculator is probably most beneficial for those of us who don't pay off their balance each month. Also, the calculator doesn't take into effect any rewards that your card may offer and if you have a gold or platinum card you won't be able to get much out of the calculator.
Based on the recent use of your credit card, the calculator can help you identify which cards will cost you the least in interest and other fees. It will show how paying only a few extra dollars a month, you can decrease the time it takes to pay off your balance. It also shows you just how much you pay for the "privilege" of having a credit card.
Can I Only Use This Calculator To Figure Out Credit Card Debt?
Credit card debt is not the only thing these special calculators can be used for. There are calculators to help you find out how much a monthly payment for a mortgage will be. These calculators called, mortgage calculators or amortization calculators will give you a plethora of information like:
1. How much your monthly payment will be;
2. How much income you have to have to afford your mortgage payment;
3. Should you pay discount points when you get a mortgage loan;
4. How long will it take to recover the costs of refinancing;
5. How much time will you save by paying with a biweekly payment plan;
