Credit Card Payoff Calculator
Don't let credit card debt rule your life. With your credit card payoff calculator, it's easy to get a handle on your debt. Just input your card balance along with the interest rate and your monthly payments. We'll help you determine how many months it will take to free yourself from debt. Additionally you can also tell us how many months you would like for your debt to be resolved. Our dynamic Credit Card Payoff Calculator will help crunch the numbers to give you a clearer picture.
Interested in a personal loan?
A personal loan can be taken out with a bank, credit union, or private vendor. These loans can be used for any purpose and are paid out in one lump sum. Loans are often repaid to the lender over several years, much in the same way we've illustrated in our Credit Card Payoff Calculator.
What Makes Personal Loans Different?
Personal loans often have lower interest rates than credit cards. As you can see from the Credit Card Payoff Calculator, this can lower your monthly payments.
If your credit score is good, you might also qualify for an unsecured personal loan. These are not backed by collateral like mortgages or auto loans. In fact, since you can use a personal loan for any purpose, they might make better alternatives to auto or student loans
How Do I Know If a Personal Loan is Right For Me?
If you have found yourself in a seemingly endless cycle of credit card debt, then a personal loan might be right for you. Just make sure to discuss acceptable terms and rates with your potential lender. If you want a clearer picture of how effective a personal loan can be, consult our Credit Card Payoff Calculator.
You can also use our Personal Loan Calculator to find out what your estimated monthly payment might look like.
Interested in a balance transfer credit card?
Balance transfer credit cards typically have a 0% introductory rate. This means you could transfer your credit card debt and not have to deal with interest for several months or even a year (depending on the card). While our Credit Card Payoff Calculator assumes an introductory APR of 18 months, some can be as low as 6 months.
If you want to pay off your credit card debt faster, then a balance transfer credit card might be the best way to go about it. In our Credit Card Payoff Calculator, we break down what your monthly payments might look like for an 18 month 0% introductory rate card.
In order to make the most of that window of interest-free bliss, you may need to make higher monthly payments. Provided you have the financial wiggle room, a balance transfer card is a fast way to handle that credit card debt.
- They provide an easy way to pay off your balance as soon as possible by taking advantage of the 0% introductory rate.
- You’ll save money during that window of 0% interest.
- To make the most of your 0% introductory rate, you might have to make higher monthly payments than you would on a balance spread out over several years.
- Some balance transfer credit cards come with transfer fees that will add to your outstanding balance.
First and foremost, look for a balance transfer credit card with nine to 18 months. Under federal law, the intro rate must last at least six months. Try to give yourself enough breathing room to pay off your outstanding balance without worrying about interest.
You’ll also want to use our Credit Card Balance Transfer Calculator to help you determine if you can pay off that balance before the promotional period ends. While many balance transfer cards offer a large window of 0% introductory rates, the caveat can be high interest once the period ends.
It’s also important to limit any additional credit card charges. Our Home Budget Calculator can help with that. This tool – used in conjunction with our Credit Card Payoff Calculator – can paint a clearer picture of where your money is going so you can prioritize your spending and avoid any impulsive card charges.
If you follow these tips, you’ll be well on your way to effectively using your balance transfer card to get yourself out of debt.
*Clients who make all their monthly program deposits pay approximately 70-75% of their original enrolled debts over 24 to 60 months. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Prudent Financial does not offer debt settlement services in all states and fees may vary from state to state. In some states, we may refer you to a trusted business partner that can provide you with alternative debt relief services. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S.12-03825