Credit cards are made of plastic, but that doesn't make them toys.
Benjamin is a lot like you. He likes to buy new music -- and he looks good in whiskered jeans. And yes, after a hard day at work, he likes to relax at the trough with his friends. Just like you.
But Benjamin pays cash whenever he can. Because credit card debt is like a barnyard bug -- it sneaks up on you, and it's very hard to shake.
Don't believe it? Use this calculator to see how long it will take to get out of your hole...
Definitions
- Current balance
- Current outstanding balance on your credit card.
- Payoff goal (in months)
- Your goal for paying off this credit card. This is the number of months in which you would like to have completely paid off this credit card balance.
- Current monthly payment
- The amount you are currently paying per month on this credit card. Please enter the amount you actually pay, not the minimum payment. This amount is used to calculate how long it will take you to pay off your balance.
- New charges per month
- Total new charges you expect to put on this credit card per month.
- Interest rate (APR)
- The annual percentage rate for this credit card.
- Annual Fee
- Your annual fee for this credit card.
- Major purchase
- If you expect a major purchase beyond your normal charges, enter the amount to be spent here.
- Months from now
- Number of months before your major purchase will occur.
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