Get Out of Credit Card Debt

Get Out of Credit Card Debt

Do you want to get out of credit card debt? Do you long to make your personal finances better? Sure you do; everyone does, right?

Well, all you need is an online calculator and the willpower to sit down and crunch some numbers.

Once you see just how much it is costing you to have that credit card-and what you need to do to whittle down the greedy interest man–you can be one step closer to getting out of credit card debt.

Get Out of Credit Card Debt: Use an Online Personal Financial Calculator

Fortunately you don't have to rely on your own math skills to crunch numbers where credit card debt repayment is concerned. There are a number of good financial calculators online that will do your work for you.

One such calculator is's, What will it take to pay off my credit card calculator. Like how hard is that? They even name their credit cards for the task they perform at

This calculator only requires you to input three numbers: your credit card balance (you can estimate), the interest rate you are paying, and your monthly payment.

It will tell you how long before you pay that credit card debt off if you stop charging anything to the card, and if your interest rate stays the same.

Get Out of Credit Card Debt: Or End Up Paying It for the Rest of Your Life

If you want to get a good idea how long you will be paying on your credit card if you just keep making those minimum payments, then the credit card calculator I just mentioned will open your eyes.

Listen to this example:

If you owe $5,000 on your credit card and are currently paying 5 percent in interest, and a minimum monthly payment of $25, you can expect to pay on that baby for 409 months…34 years!

Now do I have your attention?

Get Out of Credit Card Debt: Set a Goal

Okay, you have your credit card balance in front of you…you know the interest rate you're paying…and you know what your goal is…pay off the card in 12 months.

So instead of plugging in the monthly card payment you are making in the calculator's box #3, just put your goal of 12 months into the fourth question box on the calculator instead.

The calculator will tell you how much you need to pay every month in order to pay off you card by that 12-month goal date.

Using the earlier example, you could pay off the $5,000 card in 12 months by paying $428.04 a month, or in 18 months by paying $288.90.

Who has that kind of money, you ask!

I know, I know, many cannot afford that kind of payment in these difficult economic times, of course. But the example at least gives you an idea of how fast you could pay off that card by making larger payments, and you could do that maybe once or twice a year, especially if you get anything back from Uncle Sam.

The point isn't the length of time until you pay off the card, really; the point is that you play around with the calculator and see what goal works best for you and your current budget, and to get an idea how much of your future income is going to be affected by your credit card debt if you don't.

So what are you waiting for? the calculator options are free.

So start crunching those numbers and come up with your own 'get out of credit card debt' game plan! And check out some of my other articles on finance while you're at it.



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