Calculator For Credit Card Debt

When I pull up a mortgage calculator online for determining how much I can afford for a home I'm given the option to enter in monthly debt. I have credit card debt. How much do I enter in, the minimum?

Hi Jennifer,

Enter your total minimum monthly payments for all of your debts, unless they are entered elsewhere in the calculator (like auto loan payments, etc).

It would help to have a link to the specific calculator you are using to say for sure. Hope this helps!

Oh, and perhaps even more important is knowing your ratios:

3 Simple Steps to Calculate Your "Debt-To-Income Ratio" and Credit Secrets Most People Will Never Know:

http://ezinearticles.com/?id=2314324

2009-09-09 20:21:31 by Jennifer

www.FreeDebtExam.com http This tutorial shows you the power of compound interest, and shows you how to use the free debt calculator at Bankrate ...

I personnally use this one :

http://www.calculatopedia.com/financial< br />
but there is a more... Just google it if it's not what you're looking for...

Hope that helped

2009-06-15 08:51:53 by Armaniboy

Price: $0.99 $0.99

Offers simple and advanced modes
Allows you to export data via e-mail
Creates custom payment plan based on your criteria

I need an EQUATION or two. I'm trying to program a credit card debt calculator in PHP to basically tell me this as a result.....

if you currently owe $80,000 in credit cards, and your average interest rate is 20%,

You will pay $159,196.96 in interest,
your total payment will be $239,196.96

and it will take you 54.33 years by paying the minimums.

the only part that i know for sure is to add the two numbers together to get the total amount.. beyond that i'm kind of lost, mostly because i don't understand how credit card interest works on a deep level.

I understand the "simple interest" model, which is NOT what credit cards work on.. most of the stuff i find on the net is for mortgages and simple interest. that doesn't help me in this case.

thanks in advance!!

the equations themselves will help.

Let B = credit card balance at the beginning of the month.
Let P = payment made on the credit card for the month.
Let i = monthly interest rate (e.g., if 18% annual, then 1.5% monthly)
Let N = credit card balance at the end of the month.

Assume no purchases or payments are made during the month (except at the end of the month.) Then,

N = B*(1+i) - P

If purchases are made during the month, then redefine B = average credit card balance.

2009-06-05 23:25:22 by __A_YAHOO_USER__

Price: $2.99 $2.99

Manage mortgage loans, auto loans, credit card debt and more
Determine impact of making extra loan payments, which can dramatically reduce the cost of loan
Save complete loan payment schedule on external or internal SD memory

I have $25,000 in total credit card debt (3 cards). Interest rates are 4.99, 5.99 and 11.74. The card with the highest balance is also the highest interest rate. According to a debt calculator I used, I can pay them off in 42 months with my income. I have been offered a fixed rate personal loan of $30,000 at 7.74%. I would pay off the credit cards and use the rest for legal fees (personal situation). Using the same debt calculator, I can pay the loan off in 48 months easily and probably sooner.

Is it worth it to apply for the loan? Will it hurt or help my credit? I do need the extra cash and do not want to take it from my home equity or put more on credit cards. Thank you for your responses.

Why would you take 2 credit cards that interest rate is LESS than the fixed rate loan and transfer them to a higher rate?

Use the loan to pay off the highest interest card......pay the minimum on the 2 lower cards but take the payment you were making on the 11% card and send it to the fixed rate. This should help bring that balance down faster. When the fixed rate loan is paid, take that payment and add it to next higher interest card until paid off and then take THOSE payments and send them to the lowest card. Make sense? OR...see if you can do a balance transfer of all 3 cards onto a 0% credit card and go from there. It would only make sense to transfer all 3 if you can.

2007-03-18 06:45:49 by troyrissa

My credit card bills come to about $2000 a month, but I NEVER use cash for anything-- these amounts reflect our total monthly expenditures on _everything_. None of this is paying back "debt" -- so do I put $0 in the "monthly credit card debt" blank of most "how much X can I afford" calculators, or the full $2000, or some percentage that reflects fixed monthly payments like utilities....? The calculators tell me I can afford nothing when I put the full amount in, and that I can afford beyond what I think I might when I put in 0....

These calcs are all a little wacky. Your correct answer is 0.

2009-02-05 19:15:05 by tadapod