Credit Card Payoff Calculator
Download a free Credit Card Payoff calculator for Microsoft Excel, OpenOffice, or Google Docs that will calculate the payment required to pay off your credit card debt in a specified number of years, or calculate how long it will take to pay off your card given a specific monthly payment. This is a great spreadsheet to have in your debt reduction tool belt.
Credit Card Payoff Calculatorfor Excel, OpenOffice, & Google Docs
What will it take to completely pay off the balance of a credit card at the current interest rate? Enter your current balance and interest rate. Then, enter a monthly payment to calculate how many months it will take to pay off the credit card, or enter the payoff goal to calculate what your monthly payment must be to meet that goal.
"No Installation, No Macros - Just a simple spreadsheet - An original creation by Dr. Jon Wittwer of Vertex42.com"
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Using the Credit Card Payoff Calculator
The spreadsheet contains a worksheet with instructions and definitions for some of the terms used in the calculator. For more general information about how to pay off your credit card, see the steps below.
If you have any questions about how to use the spreadsheet, please contact us.
Steps to Pay off Your Credit Card Debt
Are you trying to escape from the oppression of credit card debt? The following steps may not apply to your specific financial situation, but you may want to consider them ...
- Lower It! Call your credit card company(ies) and ask them to lower your interest rates. If you are considering debt consolidation as a way to lower your interest rates and zero-out your credit card balances, here is my take on debt consolidation.
- Shred It! Stop using your credit card(s). Shred them if you need to. But if you plan to use them again some day, don't cancel them, because that can hurt your credit rating. You can always request a replacement card later.
- Budget It! Evaluate your home budget and cash flow to figure out what monthly payment you can afford. You may need to consider cutting back on spending or working some overtime. Just remember that the faster you can pay off the cards, the less interest you pay in the long run.
- Calculate It! Use the credit card payoff calculator to estimate how long it will take to pay off a card at its present interest rate.
- Pay It! Make your payments religiously, until the balance is zero.
- Sustain It! Just like the tendancy to gain weight right after a diet, you may be tempted to rack up a balance on your credit card again. Don't Do It!!! Learn from the past.
Online Credit Card Payoff Calculators
Below is a list of online calculators used to check the spreadsheet, and a couple calculators that let you do a bit more fancy calculations.
- What will it take to pay off my credit card? : at Bankrate.com. A simple credit card payoff calculator similar to the spreadsheet above.
- Simple Payoff Calculator : at ditech.com : Another simple calculator like the one above.
- Credit Card Payoff : at dinkytown.net. This calculator lets you also include one or two future purchases, average monthly charges, and an annual fee.
- Debt Management Calculator : at www.YoungMoney.com - Creates a credit card payment schedule and allows you to enter multiple card.
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