Credit Card Payment Calculator
How much more do you pay when you only make minimum payments on your credit card? Find out exactly how much you’re overpaying now.
This credit card payment calculator will help you see where your money goes when you make a credit card payment. The average Canadian now owes approximately $23,035 in non-mortgage debt, according to credit rating agency Equifax.
If you find yourself in a similar situation, then making minimum monthly payments will get you nowhere. Reducing your credit card balances and interest rates has never been easier. Use our handy calculator and follow its helpful steps to learn more.
- Type in how much money you owe to each credit card company
- Enter the APR (the interest rate charged). This is found in your statements.
- Your minimum monthly payment is calculated as a percentage of your balance. This information can be found in your original credit card agreement but are typically 1 to 3 percent. If you don’t know, use 3 percent as it is the most standard amount.
This information can be found on your most recent credit card statement.
The credit card payment calculator will show a debt repayment schedule which includes how long it will take to pay off, as well as:
- The principle and interest charges that you pay
- Available repayment options, like DMP with fixed amounts
These figures are only for a single credit card. Be sure to do it with each of your cards to get a better idea of how quickly you can be out of credit card debt. The faster you come up with a repayment plan, the sooner your credit scores will begin to improve.
If your minimum payments are still leaving you under a mountain of debt give New Leaf a call to explore the debt relief options available. Call (800) 593-7305 to speak with and speak with a trained credit counsellor to get a free consultation, or start your debt assessment online today.