Debt Management Calculator

Credit Card Debt Management: The first step in Debt Management is to find out how much credit card debt you owe. Use this Debt Management Calculator to find out how much you owe and how long it will take to pay it all off. Enter all of your credit card debt and any outstanding installment loans balances.

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Debt Management Calculator - Definitions

Credit Card Debt Management: If you are drowning in unpaid bills and credit card debts and desperately looking for a way out, debt management is a first step. True debt management is about one thing - you controlling your money by optimizing your credit cards. There's no magical, mystical formula to good debt management. Rather, the solution is common sense and having a plan to change your financial behavior. Good debt management is 80% behavior and 20% knowledge.

Credit cards - Enter up to 10 credit card accounts, one on each line - compare credit card here.
Balance - Your current balance on your credit card.
Interest rates - The average annual percentage interest rate you pay. This interest rate is calculated for each of the categories of debt you have including credit card debt, Auto Loans and other installment loans. For credit card debts, the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
Auto loans - Click on the "Enter Data" button to input any vehicle loans or auto finance data you may have into the details page. This details page is designed to let you input your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to three installment loans.
Other loans - Click on the "Enter Data" button to input any additional installment loans you may have into the details page. This details page is designed to let you input your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to six installment loans.
Payment - This is your initial monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance - use credit card calculator to determine credit card minimum. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)



Good debt management not only requires financial knowledge and a debt management plan, but often requires a change in behavior especially as it relates to credit card use - compare credit card.


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